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| The Tax Publishers2020 TaxPub(DT) 1871 (Chen-Trib) INCOME TAX ACT, 1961
Section 2(22)(e)
Since assessee did not furnish relevant material before lower authorities for due examination, therefore issue as regards applicability of section 2(22)(e) required a fresh examination and orders of lower authorities were set aside for a fresh examination.
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Dividend - Deemed dividend under section 2(22)(e) - Applicability of provision - Remand of matter to provide opportunity to assessee for furnishing relevant material
Assessee was aggrieved by order of CIT(A) in applying section 2(22)(e) as it is not applicable where a loan is given by a holding company to a subsidiary company. Only if a loan or advance is given to a shareholder, said section is attracted. Assessee contended that its case was exactly opposite wherein loan was given by a shareholder and there were no common shareholders between lender and assessee. Held: Assessee did not furnish relevant material before lower authorities for due examination. These issues required a fresh examination and orders of lower authorities were set aside for a fresh examination. Assessee was directed to lay relevant materials in support of its contention before AO and comply with requirements of AO in accordance with law.
REFERRED :
FAVOUR : Matter remanded
A.Y. :
IN THE ITAT, CHENNAI BENCH
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