Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2012 (3) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (3) TMI 324 - HC - Income TaxDeemed dividend - The reduction was made by the CIT(Appeals) on the ground that certain amounts had been repaid and that cannot be treated and regarded as deemed dividend - The tribunal also examined the merits of the case and held that the transactions between the assessee and the East India Impex (Delhi) Private Limited were business transactions and cannot be treated as loans or advance - The fact that the shareholders of the assessee company were also shareholders of the company which had given “loan/advances” is not suffice and does not meet the requirement of Section 2(22)(e) - Decided in favor of the assessee
|