Sum received by father for transfer of mining lease right | Deemed dividend | Section 2(22)(e)

CIT Vs Basant Poddar (Karnataka High Court) It was held that Amount received by assessee from his father out of  sum received by father for transfer of mining lease right to a Company in which assessee was shareholder cannot be treated as deemed dividend income of the assessee under section 2(22)(e) as sum was not received on behalf of Assessee and it was for a commercial transaction. FULL TEXT OF THE HIGH COURT ORDER /JUDGEMENT The assessee filed his return of income for the Assessment Year 2005-06 declaring a total income of  Rs.23,50,963/-. He is the Managing Director of M/s. Mineral Ente...