Deemed dividend provisions not applicable if Assessee is neither registered nor beneficial shareholder of payer company

DCIT  Vs Gilbarco Veeder Root India Pvt. Ltd (ITAT Mumbai)

The appellant before us is a company which has received a sum of Rs.90 crores from other concern, i.e. Portescap. The assessee-company as well as the other concern, i.e. Portescap, have common shareholders inasmuch as the entire shareholding of the assessee-company as well as that of Portescap is held by Kollmorgen, either by itself or through its nominee. The case of the Assessing Officer is that the amount of Rs.90 crores

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