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ITAT Kolkata – Section 263 Revision on Deemed Dividend Quashed; Loan Not Taxable in Company’s Hands
Case Law Details
- Case Name
- JHV Construction Co. Pvt. Ltd. Vs DCIT (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Kolkata
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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....
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