[aaykarbhavan] Business transactions entered by assessee with its sister concern were outside the ambit of deemed dividend

 

Business transactions entered by assessee with its sister concern were outside the ambit of deemed dividend

August 25, 2014[2014] 47 taxmann.com 374 (Bangalore - Trib.)/[2014] 29 ITR(T) 36 (Bangalore - Trib.)

IT : Where in respect of payments received by assessee from its sister concern, Assessing Officer having invoked provisions of section 2(22)(e), made addition to assessee's income on account of deemed dividend taking a view that one shareholder had got substantial interest in both companies, in view of fact that payments in question were result of business transaction entered into by assessee with its sister concern, impugned addition made by Assessing Officer was to be set aside

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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