Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (6) TMI 1119 - AT - Income TaxDeemed dividend addition made u/s. 2(22)(e) - loan taken from the company and company compensated by way of interest paid by the assessee on loan - Held that:- As decided in Pradip Kumar Malhotra case [2011 (8) TMI 16 - CALCUTTA HIGH COURT] the authorities below erred in law in treating the advance given by the Company to the assessee by way of compensation to the assessee for keeping his property as mortgage on behalf of the company to reap the benefit of loan as deemed dividend within the meaning of Section 2(22) (e) of the Act - Decided in favour of assessee. Disallowance u/s. 14A to 1% of the dividend income - Held that:- We find that the ld.CIT(A) has restricted the disallowance to 1% of the dividend income by following the various decisions of the ITAT. Therefore, we find no infirmity in the impugned order of the ld.CIT(A) in doing so. The ld.CIT(A) has rightly restricted the addition u/s. 14 A of the Act to 1% of the dividend earned - Decided against assessee
|