Deemed Dividend Provisions applies to ICDs not related to trade

Anil Nanda Vs DCIT (ITAT Delhi) the assessee, Shri Anil Nanda was holding substantial shareholding in both these companies, i.e., 65.6% share in M/s Joint Investment Pvt. Ltd. and 27.90% share in M/s GI Power Corporation Ltd. as on 31st July, 2007. We find, the amount of Rs.18.75 crore had been shown under the grouping unsecured loans by both these companies in their balance sheets. Further, while arguing the case of GI Power Corporation Ltd. before the CIT(A), Jammu, the said assessee itself had accepted that it had received loan from M/s Joint Investment Pvt. Ltd. Therefore, we do not find a...