Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (8) TMI 1079 - AT - Income TaxDeemed dividend u/s 2(22)(e) - Held that:- The assesseecompany i.e. Suresh Enterprises, Pvt. Ltd., is not a shareholder in Shejawadkar Builders Pvt. Ltd. Therefore, the essential condition for invoking provisions of sec.2(22)(e) is not fulfilled in this case. The recipient of loan should be a shareholder in the companies from which loans have been received, was not taken before the lower authorities. Therefore, this issue cannot be adjudicated by this Tribunal. This contention cannot be accepted as it is purely a question of law. Fact that the assessee is not a shareholder in the company Shejwadkar Builders Pvt. Ltd.,is borne out of the assessment order itself. Therefore, the contention raised by the learned DR is rejected. - Decided in favour of assessee.
|