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2014 (6) TMI 145 - AT - Income TaxRectification of order Deemed dividend in the hands of partners u/s 2(22)(e) of the Act - Held that:- directions were given by the Tribunal in pursuance to the admission made by the assessee before CIT(A) - The relevant extract of the order of CIT(A), the assessee had conceded that the deemed dividend is taxable in the hands of the shareholders - The assessee has explained that only the partners of the appellant firm are shareholders in the company (EEPL) and not the appellant firm itself - deemed dividend can be assessee only in the hands of a person who is a shareholder of the lender company and not in the hands of the borrowing concern in which such shareholder is member or partner having substantial interest Relying upon ACIT V. Bhaumik Colour (P) Ltd., 2008 (11) TMI 273 - ITAT BOMBAY-E ] the amount cannot be treated as deemed dividend u/s.2(22)(e) in the hands of the appellant - It is not the case where the Tribunal has made observations on its own - The directions against which the assessee is aggrieved are based on the admission of the assessee before the CIT(A) - there is no error as alleged by the assessee in the order of the Tribunal Decided against Assessee.
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