Case Law Details
Case Name : CIT Vs Octave Apparels (Punjab & Haryana High Court)
Related Assessment Year :
Courts :
All High Courts Punjab and Haryana HC
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The issue herein is whether any loan amount advanced by M/s Octave Apparels Private Limited to the respondent-assessee would fall under Section 2(22) (e) of the Act as deemed dividend.
The Tribunal noticed that the assessee was holding 1.07% shares of sister concern whereas the partners of the assessee firm Shri Balbir Kumar and Shri Harsh Kumar were holding 6.64% and 6% shareholding respectively. It was, thus, concluded that the assessee firm was holding less than 10% shareholding of the voting power and any amount advanced by closely held company to the assessee firm was not to be treated as...
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