[aaykarbhavan] AO couldn't treat inter-corporate loan as deemed dividend just because director was common shareholder in both Cos

 

AO couldn't treat inter-corporate loan as deemed dividend just because director was common shareholder in both Cos

September 3, 2015[2015] 61 taxmann.com 9 (Ahmedabad - Trib.)

IT : Where director of Company A holding 40% equity was also holding 90% share in Company B from which Company A took loan, since Company A itself was not registered dealer of Company B, condition precedent for invoking section 2(22)(e) to make addition of loan amount in hands of Company A as deemed dividend was not satisfied

• Deletion of impugned addition in hands of company A could not be projected to be dependent of addition being confirmed in hands of its director.

Regards

Prarthana Jalan

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

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