Loan to Non-Shareholder Company Not Taxable as Deemed Dividend

Advertisement JHV Steels Ltd. Vs DCIT (ITAT Kolkata) The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT) partly allowed the assessee’s appeal against the revision order passed under Section 263 of the Income Tax Act for Assessment Year 2016-17. At the outset, the Tribunal condoned an 11-day delay in filing the appeal after accepting the explanation that the delay occurred due to the tax consultant’s father’s illness. The dispute arose after the Principal Commissioner of Income Tax (PCIT) revised an assessment completed under Section 153A, holding that the Assessi...