Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (6) TMI 57 - AT - Income TaxDeemed dividend addition u/s.2(22)(e) - appellant had taken loan from his closely held company - Held that:- On perusal of the contention of the AR that M/s Khatore Earthmovers Pvt. Ltd. had opening balance of ₹ 83,71,112/- as on 01.04.2011 with the assessee and the total reserve of the company was less than the amount of advance given. The fresh loan of ₹ 25,000/- and ₹ 3,68,000/- by account payee cheque was for the purposes of business. M/s Khatore Earthmovers Pvt. Ltd. had earned profit of ₹ 15,376/- for financial year 2011-12, as such, advance of ₹ 28,68,000/- cannot be considered as deemed dividend and CBDT Circular No.19/2017, dated 12th June, 2017 we find that the matter needs further verification at the end of AO and accordingly, we remit the entire issue to the file of AO - Decided in favour of assessee allowed for statistical purposes.
|