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Assessee has raised the ground that the learned CIT(A) erred In holding that the amount of Rs. 30,00,000/-advanced by the company, M/s. B.T. Kadlag Construction Pvt. Ltd. [BTKCPL] wherein the assessee is a substantial shareholder to the firm, M/s. Renuka Construction, wherein the assessee is a partner having substantial interest is to be treated as deemed dividend within the meaning of section 2(22)(e) of the Act.

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Sec. 2(22)(e) of Income Tax Act, 1961— Deemed dividend —Though several opportunities were given to the assessee by the CIT(Appeal), it was found that in the interest of justice and for the fact that the Income Tax Laws are within the ambit of welfare legislation one more opportunity may be given to the assessee and therefore, the matter should be restored to the file of the CIT(Appeal) wherein he is directed to examine the facts of the assessee?s case in terms of Section 2(22)(e) and various case laws referred by the Ld. AR of the assessee - BHAIRAVNATH TRIMBAK KADLAG V/s ASSTT. CIT - [2020] 28 ITCD Online 033 (ITAT-PUNE)