No deemed dividend if shareholding of a common shareholder is less than 20%

IN THE ITAT MUMBAI BENCH ‘A’ Income-tax Officer-2(1)(1) V/s. Anand Rathi Direct India (P.) Ltd. IT APPEAL NO. 2556 (MUM.) OF 2010 [ASSESSMENT YEAR 2006-07] MAY 4, 2012 ORDER B. Ramakotaiah, Accountant Member – This is Revenue appeal against the order of CIT(A)-Mumbai dated 4.10.2010. The revenue has raised eight grounds on four issues. 2. We have heard learned CIT -DR and learned Counsel in detail. The learned Counsel also placed on record reconciliation of turnover which was relevant for Ground Nos.3 to 6. After hearing them, the grounds were considered as u...