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A firm not being shareholder cannot be Taxed for Deemed Dividend
Case Law Details
- Case Name
- Modern Impex Vs Assistant Commissioner of Income-tax (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Kolkata
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Modern Impex Vs ACIT (ITAT Kolkata)
We note that one of the partners of assessee firm Shri Ripple P. Doshi holds 33.20% in the assessee firm. And the firm had received advance/loan from a company called M/s. Modern Solaurum Pvt. Ltd. wherein Shri Ripple P. Doshi was having a shareholding of 25%. So, AO added the accumulated profit of M/s. Modern Solaurum Pvt. Ltd. of Rs.89,930/- as deemed dividend u/s. 2(22)(e) of the Act in the hands of the assessee firm. We note that assessee firm is not a shareholder of M/s. Modern Solaurum Pvt. Ltd. So, sec. 2(22)(e) of the Act is not attracted against the...
