Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2015 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (1) TMI 1165 - HC - Income TaxDeemed dividend under Section 2 (22)(e) - loan received by the Respondent-Assesee from M/s. NS Fincon Pvt. Ltd. - Held that:- On strict interpretation of Section 2(22)(e) of the Act, unless the Respondent-Assessee is the shareholder of the company lending him money, no occasion to apply it can arise. In the present facts, it is an admitted position that Respondent-Assessee is not a shareholder of M/s. NS Fincon Pvt. Ltd. from whom he has received loan. Therefore, no fault can be found with the decision of the Tribunal in having followed the decision of the High Court in Universal Medicare (2010 (3) TMI 323 - BOMBAY HIGH COURT). This view has been further reiterated by another Division Bench of this Court in Impact Containers (2014 (9) TMI 88 - BOMBAY HIGH COURT) rendered on 4th July, 2014. - Decided against revenue.
|