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No Deemed Dividend on Business transactions via current A/c
Case Law Details
- Case Name
- Exotica Housing & Infrastructure Company Pvt. Ltd. Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-2014
- Courts
- All ITAT, ITAT Delhi
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Exotica Housing & Infrastructure Company Pvt. Ltd. Vs ITO (ITAT Delhi)
Transactions carried out through current account for business purposes would not fall within the definition of Deemed Dividend. Therefore provisions of Section 2(22)(e) of the I.T. Act, 1961, would not apply. Also laid emphasis on rule of consistency as held by the Hon’ble Supreme Court in the case of Radhasoami Satsung 193 ITR 321 (SC).
FULL TEXT OF THE ITAT JUDGEMENT
This appeal by Assessee has been directed against the Order of the Ld. CIT(A)-34, New Delhi, Dated 18.03.2019, for the A.Y. 2013-2014.
2. We have he...
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