Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2011 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (6) TMI 387 - AT - Income TaxDeemed dividend - Revenue contended advance or loan given by other company (MPPL) to its shareholders who also have substantial interest in assessee company as deemed dividend in hands of appellant company who is not shareholder in other company - Held that:- Since the assessee is not the shareholder of the company, the payment made to Savita Bhaskar(sharholder) even if it is assumed are made on behalf of the assessee cannot be regarded to be the deemed dividend within the provisions of section 2(22)(e). See CIT v. Hotel Hiltop [2008 -TMI - 33813 - RAJASTHAN HIGH COURT] - Decided in favor of assessee. Agricultural income - Held that:- In view of the fact that the agricultural income has been accepted by the department in the earlier years and there is no change in the facts and that the assessee is having same agricultural land, in our view, taking into consideration the rule of consistency, the Revenue cannot reject the claim of the agricultural income made by the assessee.
|