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Deemed dividend if Lender and borrower have common shareholder?
Case Law Details
- Case Name
- CIT Vs Ms. Mustang Leather Pvt. Ltd. (Allahabad High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Allahabad High Court
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CIT Vs Ms. Mustang Leather Pvt. Ltd. (Allahabad High Court)
A deemed dividend could only have been assessed in the hands of a person who is shareholder of the lender company and not in the hands of the borrowing concern in which such shareholder is a member or partner having substantial interest. Admittedly, in the present case the assessee-company was not a shareholder of the lender company. But, in this case both the lender and the borrower have common shareholders.
FULL TEXT OF THE HIGH COURT ORDER / JUDGEMENT
Heard Sri Shubham Agrawal, learned Counsel for the appellant.
As the controversy...
