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Deemed dividend assessable in the hands of Partners (Beneficial Shareholders )
Case Law Details
- Case Name
- M/s. Kerala Transport Co. Vs. The Asst. Commissioner of Income-tax (ITAT Cochin)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2007-2008
- Courts
- All ITAT, ITAT Cochin
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M/s. Kerala Transport Co. Vs. ACIT (ITAT Cochin)
The Tribunal held that the beneficial shareholders of the lender company are partners of the assessee- firm and therefore the deemed dividend u/s 2(22)(e) has to be assessed only in the hands of the partners and not in the hands of the assessee- firm.
FULL TEXT OF THE ITAT ORDER IS AS FOLLOWS:-
These two Miscellaneous Applications at the instance of the assessee arise out of the consolidated order of the Tribunal dated 30.08.2013 in ITA Nos. 352 & 353/Coch/ 20 13. The relevant assessment years are 2007-2008 and 2008-2009.
2. Brief facts of t...
