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2017 (4) TMI 125 - HC - Income TaxDeemed dividend addition u/s 2(22)(e) - assessee is a partner in the firm M/s. B.K. Industries and is having 60% share in the said firm. M/s. B.K. Industries had secured a loan of ₹ 14.47 crores from M/s. Speedex Trade World Private Limited during the relevant financial year 200809 and the respondent assessee was holding more than 10% equity shares in M/s. Speedex Trade World Private Limited - Held that:- As financing was the substantial business of M/s. Speedex Trade World Private Limited and both the authorities have recorded a clear finding of fact that financing being the substantial business of the said firm, the amount was not liable to be taxed as deemed dividend. - Decided in favour of assessee.
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