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2015 (4) TMI 1199 - AT - Income TaxDeemed dividend received - dividend received from the companies having accumulated profits in which the assessee himself is a Director and has got substantial or beneficial interest - Held that:- The undisputed fact in this case is that the assessee has received loans from all the four companies on interest and therefore in view of the decision of the Jurisdictional High Court in the case of Pradip Kumar Mahlhotra (2011 (8) TMI 16 - CALCUTTA HIGH COURT) the said loan cannot be treated as deemed dividend. - Decided in favour of assessee Disallowance u/s 40(a)(ia) - though the assessee received Form No.15G for non deduction of tax the said form was not submitted to the C.I.T. - Held that:- On identical issue in the case of S.S.Impex (2011 (9) TMI 927 - ITAT KOLKATA), Capital Transport Corpn (2011 (8) TMI 1068 - ITAT KOLKATA) the ITAT Kolkata Benches have held that if the assesse has received form No.15G the same has not been submitted to the appropriate authorities, no disallowance can be made u/s 40(a)(ia) of the Act. In the present case also the issue lies on the same point that Form No.15G for non deduction of tax at source has been received by the assesse but the same was not submitted before the appropriate authority i.e. CIT. Accordingly following the decision of the ITAT, Kolkata Benches (supra) no disallowance can be made u/s 40(a)(ia) of the Act. - Decided in favour of assessee
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