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2017 (12) TMI 61 - HC - Income TaxDeemed dividend as defined u/s 2(22)(e) - Held that:- There is concurrent finding of fact by the CIT(A) and Tribunal that the provision does not stand attracted. Even otherwise the point is covered in favour of the assessee and no substantial question of law is involved in this appeal. He drew our attention to an earlier decision of this Court by a coordinate Bench in the case of CIT Vs. M/s. Baljit Securities Pvt. Ltd. (2013 (6) TMI 793 - CALCUTTA HIGH COURT) wherein held that there are common shareholders who held shares both in Respondent Assessee Company and M/s Rajrani Exports Private Limited [lender company]. While the four shareholders named above each held 13.54% shares in M/s Rajrani Exports Private Limited, none of the shareholders held 20% shares in the Respondent Assessee Company. - Decided in favour of assessee
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