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Loan Between Companies- Both Conditions Must Apply! ITAT Clarifies 2(22)(e) & Grants Relief
Case Law Details
- Case Name
- Late Ramasamy Pongianna Gounder Desamani Vs ITO (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Chennai
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Late Ramasamy Pongianna Gounder Desamani Vs ITO (ITAT Chennai)
Assessee filed his return declaring income of ₹4,16,100. The case was reopened u/s 147 on 27.03.2018 & return was again filed declaring the same income. AO noticed that M/s Cheran Spinners Ltd. had advanced ₹10.38 crore as loan to M/s Best Cheran Spintex India Ltd. in which  Assessee was a significant shareholder. AO held that since Assessee held 23.69% shares in the lending company (Cheran Spinners Ltd.) &  17.28% shares in the borrowing company (Best Cheran Spintex India Ltd.), the proportionate amount of loan of â‚...
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