Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (1) TMI 667 - AT - Income TaxDeemed dividend u/s 2(22)(e) - shareholding of the assessee was more than 10% in company imparting advances to assessee - HELD THAT:- Assessee though herself did not dispute about her shareholding more than 10% in M/s Saraswati Agro Chemicals (India) Pvt. Ltd., she has also not disputed that she took a loan of ₹ 3,07,230/- during this year and the CIT(A) has also confirmed the addition to this extent only. Her case is that the company has distributed the dividend @ ₹ 4/- per share and has deposited dividend distribution tax. This amount of ₹ 3,07,230/- has been adjusted with the dividend amount distributed by the company, therefore, within the meaning of sub-clause (3) of Section 2(22) this adjusted amount is to be excluded from the deemed dividend under sub-clause (e) of Section 2(22). A perusal of the impugned order of ld. First Appellate Authority would indicate that this aspect has not been considered by the ld. CIT(A). We find force in the contention of ld. counsel for the assessee and allow the appeal of the assessee.
|