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2020 (8) TMI 800 - AT - Income TaxDeemed dividend u/s 2(22)(e) - loan advanced by the company - HELD THAT:- Ultimate beneficiary of a part of loan advanced by M/s. Maplewood Trading Pvt. Ltd. is either the assessee himself or a concern wherein the assessee has substantial interest. Therefore, to that extent, the decision of Commissioner (Appeals) deserves to be upheld. As regards the contention of that in Miramac Properties Pvt. Ltd. the assessee is having 50% shareholding, hence, only 50% of the amount advanced as loan should be treated as deemed dividend, we are unable to accept the same. In the facts of the present case it has been established beyond doubt that assessee has been benefitted by the loan advanced. As regards the contention of AR that an amount being securities premium reserve cannot form part of accumulated profit of M/s. Maplewood Trading Pvt. Ltd., to attract the provisions of section 2(22)(e) of the Act as well as the additional evidence filed to support such contention, we decline to accept the aforesaid plea of the assessee as well as the additional evidence at this stage considering the fact that the assessee had never raised this issue at any stage before the Departmental Authorities and it requires investigation into fresh facts which were never part of record. The decisions relied upon by learned Authorised Representative, on careful examination, were found to be inapplicable to the facts of the present appeal, hence, there is no need to discuss them in detail.
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