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Deemed Dividend Upheld, But AO Directed to Recompute After Interest Adjustment: ITAT Pune
Case Law Details
- Case Name
- Ashwinikumar Ramkumar Poddar Vs ACIT (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2021-22
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Ashwinikumar Ramkumar Poddar Vs ACIT (ITAT Pune)
ITAT Pune: Deemed Dividend Upheld, But AO Directed to Recompute After Interest Adjustment
The assessee, being a significant shareholder (>10%) in a closely held company, had a debit balance of ₹76.73 lakh in the company’s books, which was treated as deemed dividend under section 2(22)(e) due to availability of substantial accumulated profits. The CIT(A) upheld the addition, relying on Supreme Court rulings that taxability arises at the time of withdrawal, irrespective of duration or subsequent repayment.
Before the ITAT, the assessee argu...
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