Deemed dividend provisions not applies if assessee was neither beneficial nor registered shareholder

M/s. Neha Home Builders Pvt. Ltd. Vs DCIT (ITAT Mumbai)

Since assessee was neither the beneficial nor the registered shareholder of the company, the amount so received is not liable to be taxed as deemed dividend. Moreover, the transaction between two group concerns were in the nature of current account and inter banking account containing both types of entries i.e., receipts and payments, the same cannot be brought in the purview of loans and advances so as to attract Section 2(22)(e).

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