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2018 (11) TMI 1802 - AT - Income TaxDeemed dividend u/s. 2(22)(e) - Ultimate parent company of the assessee, Checkpoint Systems Inc., was also the ultimate parent company of M/s. OAT System Software India Private Limited from whom assessee company had received a loan - HELD THAT:- The diagrammatic representation of the shareholding pattern of the assessee and M/s. OAT System Software India Private Limited, shows that the assessee is not a shareholder of M/s. OAT System Software India Private Limited. Hence, deemed dividend cannot be assessed in the hands of the assessee. Respectfully following the order in the case of Cargill India (P.) Ltd. vs ACIT [2015 (7) TMI 215 - ITAT DELHI] wherein, under similar facts has held that as the assessee is not a direct shareholder in the lender company, hence, the loan received by the assessee cannot be treated as deemed dividend. - Decided in favour of assessee.
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