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2018 (2) TMI 182 - AT - Income TaxDeemed dividend u/s. 2(22)(e) - normal charge of depreciation required to be considered for calculating accumulated profits for the purpose of determination of deemed dividend - Held that:- The ‘accumulated profits’ in the case of the company are to be considered after allowing the normal depreciation. Assessee has furnished such working before the Ld.CIT(A), wherein it resulted in the loss of ₹ 3,35,59,784/-. Considering the above, the opinion that there are no accumulated profits so as to consider the loan as ‘deemed dividend’. In view of that, assessee’s grounds are allowed and AO is directed not to treat any amount as deemed dividend on the facts of the case. - Decided in favour of assessee.
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