ITAT Kolkata Modern Impex Vs Assistant Commissioner of Income-tax I.T.A. No. 755/Kol/2018 Date of Judgement : 27/03/2019 Related Assessment Year : 2012-13 FULL TEXT OF THE ITAT JUDGEMENT This is an appeal preferred by the assessee against the order of Ld. CIT(A)-9, Kolkata dated 23.03.2018 for AY 2012-13. 2. Ground nos. 1 and 6 are general… Read More »
Summary : As per the following Circular CBDT has clarified that trade advances, which are in the nature of commercial transactions would not fall within the ambit of the word ‘advance’ in section 2(22)( e) of the Act. Accordingly, henceforth, appeals may not be filed on this ground by Officers of the Department and those already… Read More »
Case Laws on Deemed dividend -Section 2(22)(e) of Income Tax Act Variuos Case Laws on Deemed dividend -Section 2(22)(e) of Income Tax Act are summaried as follow : S. 2(22)(e) : Deemed dividend – SLP dismissed against the decision of the Delhi High Court in the case of CIT v. Subrata Roy(2015) 375 ITR 207 (Delhi)(HC)… Read More »
whether the provisions of section 2(22)(e) of the Act could be invoked on the family members of the assessee who are not shareholders in the lending company and accordingly whether clubbing provision would be applicable for deemed income ? It is also observed that both the son and daughter of the assessee are not shareholders… Read More »
Section 2(22)(e)-Whether deemed dividend is attracted in case of common shareholders ? Held – No CIT vs Gopal Clothing Company Pvt Ltd.(Delhi High Court)(ITA 333/2006 ) Merely because the shareholders are common between the borrowing and lending company, the amount received are not taxable as dividend if the receiver company didn’t have the requisite shareholding. Following its… Read More »