Deemed dividend u/s 2(22)(e) assessable in hands of beneficial shareholder having substantial interest: ITAT Kolkata

Apeejay Surrendra Management Services Pvt Ltd Vs DCIT (ITAT Kolkata) ITAT Kolkata held that deemed dividend under section 2(22)(e) of the Income Tax Act can be added in the hands of beneficial shareholder who is having controlling interest (substantial interest). Facts- Assessee is engaged in the business of Brand Owning and Consultancy. During the year under consideration, assessee Apeejay Surrendra Management Services Pvt. Ltd. received a sum of Rs.5,50,11,501/- as loans/advances from another group company called as Apeejay Private Ltd. Assessee is not a registered shareholder of APL who is ...