Feedback   New User   Login      
Tax Management India. Com TMI - Tax Management India. Com
Acts / Rules Notifications Circulars Tariff/ ITC HSN Forms Case Laws Manuals Short Notes Articles SMS News Highlights
        Home        
Extracts
Home List
← Previous Next →

Commissioner of Income Tax, Delhi–III Versus Harsh Dhir

2015 (9) TMI 1243 - DELHI HIGH COURT

Deemed dividend u/s 2(22)(e) - loan or advance - difference between the amount paid and received during the year - Held that:- The AO has simply proceeded on the assumption that since there is an opening debit balance in the account, it should be treated as an outstanding loan and that every payment thereafter made by the Assessee to DIPL should be taken to be in the nature of repayment of the loan. The stand of the Assessee that the opening debit balance cannot be treated as a starting point fo .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

nswered the question in the affirmative holding that it is only the relevant entries during the year in question that had to be looked into and that only those amounts paid to the Assessee by the company during the relevant year, less the amount repaid by the Assessee in the same year, should be deemed to be dividend. No legal infirmity in the order of the ITAT. No substantial question of law arises - Decided against revenue. - ITA No. 253/2015 - Dated:- 17-9-2015 - S Muralidhar And Vibhu Bakhru .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

shareholder of Dhir International Private Limited ('DIPL') having substantial interest of more than 20%. The Assessing Officer ('AO') held that during the AY in question the Assessee had received certain amounts from DIPL totalling ₹ 45,36,024. The AO treated the sum as deemed dividend under Section 2(22)(e) of the Act. 3. The Assessee's appeal was dismissed by the Commissioner of Income Tax (Appeals) ('CIT(A)') by order dated 20th July 2012.Thereafter the Asse .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ith the bank and, therefore, the Assessee issued cheque in the name of the DIPL and they paid a similar account to the Assessee and got the cheque discounted through the bank. The explanation offered by the Assessee that for each and every transaction a contra entry was made immediately within a few days except in two of the cases where DIPL delayed the deposit of Assessee's cheque with their bank, was accepted by the ITAT. The addition made by the AO in the sum of ₹ 45,36,024 was redu .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Discussion Forum
what is new what is new
 


Share:            

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version