New User   Login      
Tax Management India .com TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2016 (7) TMI 62 - CALCUTTA HIGH COURT

2016 (7) TMI 62 - CALCUTTA HIGH COURT - TMI - Deemed dividend u/s 2(22) - Held that:- All that was required to be established by the assessee was that the money obtained by way of loan from M/s. DBPL was not hit by the mischief of Section 2(22)(e). In order to do so, the assessee relied on 2(22)(e)(ii) which provides as follows: - (ii) any advance or loan made to a shareholder [or the said concern] by a company in the ordinary course of its business, where the lending of money is a substan .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

by the Income Tax Appellate Tribunal C Bench, Kolkata in ITA No.553 (Kol) of 2009 pertaining to the assessment year 2006-07 by which the learned Tribunal allowed an appeal preferred by the assessee and held that the loan obtained by the assessee from M/s. DBPL did not fall within the mischief of Section 2(22)(e) of the I.T. Act because the case of the said company would be covered by exception (ii) of Section 2(22)(e) of the Income Tax Act. Challenging the aforesaid order, the revenue has come u .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

udgment it appears that the learned Tribunal has arrived at the following findings: [a] It was nowhere disputed by the authorities below that M/s. DBPL was carrying on money lending business also. [b] Since the interest earned on loans and advances in the case of M/s. DBPL is accepted by the revenue department as major source of income in the regular assessment order, therefore, the revenue at this stage cannot take a contrary view in the same matter. [c] In the case of M/s. DBPL, the memorandum .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

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

Go to Mobile Version