Deemed dividend provisions not attracted to running account with Group companies to meet business exigencies

Budhia Agencies Pvt. Ltd. Vs DCIT (ITAT Kolkata) Learned authorized representative vehemently contends that the impugned deemed dividend addition is not sustainable in the eyes of law. His case as per page 4 of the paper-book indicating the assessee’s ledger in the books of M/s Republic Tractor Motor Pvt. Ltd. is that it had been receiving and paying the various sums between 01.06.2012 to 15.11.2012 for meeting day to day exigency involving sister concerns only instead of a loan inviting deemed dividend addition. This clinching aspect has gone unrebutted from the Revenue side. We observe in ...