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Loan Between Holding & Subsidiary Due to Commercial Expediency is Outside Deemed Dividend Scope
Case Law Details
- Case Name
- DCIT Vs Merino Industries Ltd. (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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DCIT Vs Merino Industries Ltd. (ITAT Kolkata)
Loan transaction between holding and subsidiary out of commercial expediency outside scope of deemed dividend
ITAT Kolkata held that loan transaction between holding and subsidiary company done in the normal course of business and out of business/ commercial expediency are outside the scope of deemed dividend. Accordingly, addition u/s. 2(22)(e) of the Income Tax Act not sustained.
Facts- The assessee is a private limited company engaged in the business of manufacturing of laminates, panel products, furniture, potato flakes and als...
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