Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (7) TMI 168 - AT - Income TaxDeemed dividend u/s 2(22)(e) - HELD THAT:- As per Section 2(22)(e) as it stands today, if a shareholder having substantial interest in the company, received money or the company paid money to a concern in which the shareholder is interested or the money was paid for the benefit of shareholder, then it has to be deemed to be dividend. In this case, the Ld.counsel could not clarify who are the shareholders in the assessee-company and in the lender company. In view of the above, this Tribunal is of the considered opinion that the matter needs to be reconsidered by the AO. Accordingly, orders of both the authorities below are set aside and the entire issue is remitted back to the file of the AO. AO shall bring on record the entire shareholding pattern of the assessee-company as well as the lender company and thereafter decide the issue after taking into consideration the language employed by the Parliament in Section 2(22)(e). - Appeal filed by the assessee stands allowed for statistical purposes.
|