TMI BlogCash advance-Deemed Dividend-269SSX X X X Extracts X X X X X X X X Extracts X X X X ..... A major shareholder in a Pvt Ltd Company has received Advance in CASH from company and same is treated as Deemed Dividend in his Assessment, Can penalty under 271D ( regarding 269SS ) be imposeed o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n this, particulary when in Assessment, it has been treated as Deemed Dividend and not loan. - Reply By MOHAN S - The Reply = Mr.Gulati, Pl see Section 269SS and you will find that he deals wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h Acceptance of "Deposit" by any mode otherwise than "account payee" cash. So primafacie, to attract there must be a "Deposit" In th epresent case stated by you, what the major share holder received f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rom the company (in Cash) has already been assessed as Deemed dividend by the Assessing Officer invoking Sec 2(22) (e) of IT Act . Thus there is no deposit in the hands of the Shareholder. Incoem a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd Deposit are utually exclusive. What is received by him is Deemed Dividend and no question of "Deposit" arise. So ther can be no question of levy of any penalty u/s 271D. - Cash advance-Deemed Di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vidend-269SS - Query Started By: - deepak gulati Dated:- 2-1-2012 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Managem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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