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2016 (7) TMI 934 - HC - Income TaxDeemed dividend u/s 2(22)(e) - amount under the head ‘reserve and surplus’ representing share premium and credit balance of profit and loss account - Held that:- Income Tax Appellate Tribunal was justified in allowing relief to the assessee by treating the amount under the head ‘reserve and surplus’ representing share premium and credit balance of profit and loss account as not falling within the ambit of deemed dividend under section 2(22)(e). Revvenue has not advanced any submission to show that the aforesaid view of the learned Tribunal is wrong in law. We , as such, find no reason to interfere with the views taken by the learned Tribunal. - Decided against revenue
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