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2014 (4) TMI 825 - HC - Income TaxApplicability of section 2(22)(e) of the Act – Deemed dividend – Scope of loans and advances - Amount received for the purpose of executing the construction work – Held that:- The amount received from M/s.Vista Securities Technics Pvt.Ltd., is stated to be to the tune of Rs.1,90,00,000/-, whereas the amount treated as deemed dividend in the order of assessment was to the tune of Rs.87,57,297 - this has no correlation to the assessed figure and the deemed dividend considered u/s 2(22)(e) of the Act to the extent of Rs.87,57,297 - apart from agreeing with the conclusion in the order of the Tribunal pointing out to the confusion in the assessment order, the ground also suffers from the same error - the assessee had executed work for the company in the nature of construction of buildings and the said transaction being in the nature of a simple business transaction – there is no justifiable ground to bring the case of the assessee within the definition of deemed dividend u/s 2(22)(e) of the Act – Decided against Revenue.
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