ITAT Kolkata – Section 263 Revision on Deemed Dividend Quashed; Loan Not Taxable in Company’s Hands

JHV Construction Co. Pvt. Ltd. Vs DCIT (ITAT Kolkata) ITAT Kolkata – Revision u/s 263 on Deemed Dividend Issue Quashed; Loan to Concern Not Taxable in Company’s Hands In JHV Construction Co. Pvt. Ltd. (AY 2014-15), the Pr.CIT invoked revision u/s 263 alleging that loan received from Welcome Distilleries Pvt. Ltd. should have been treated as deemed dividend u/s 2(22)(e) due to common shareholding. The ITAT noted that although a common shareholder held substantial interest in both companies, the assessee-company itself was not a registered shareholder of the lending company. Relying on Supre...