[aaykarbhavan] Inter-corporate deposits can’t be taxed as deemed dividend if one person has substantial holding in both Cos.

 

Inter-corporate deposits can't be taxed as deemed dividend if one person has substantial holding in both Cos.

August 5, 2014[2014] 46 taxmann.com 448 (Jammu & Kashmir)/[2013] 359 ITR 345 (Jammu & Kashmir)

IT: Where assessee received certain inter-corporate deposits from its sister concern, in view of fact that one of shareholders was holding shares in excess of 20 per cent in both companies but assessee itself was not a registered shareholder of sister concern, amount in question could not be brought to tax as deemed dividend under section 2(22)(e)

Regards

Prarthana Jalan

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

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