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2019 (6) TMI 343 - AT - Income TaxDeemed dividend u/s 2(22)(e) - assessee company is not shareholder - taxability of loan amount as deemed dividend - M/s. Rajratna Energy Holdings Pvt Limited is a common shareholder for both the assessee Company and M/s. AIC Solar Project Pvt Limited who has advanced a loan to the assessee company - HELD THAT:- The issue is squarely covered by the decision of the Hon’ble Supreme Court in the case of CIT Vs. Madhur Housing and Development Co. [2017 (10) TMI 1279 - SUPREME COURT] wherein held although there were persons having substantial interest in the assessee-company and the company which gave the loan, the assessee-company not being shareholder of the company which gave the loan, the loan was not assessable as deemed dividend in the assessee's hands - Decided in favour of assessee.
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