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| The Tax Publishers2020 TaxPub(DT) 4498 (Mad-HC) INCOME TAX ACT, 1961
Section 2(22)(e)
Section 2(22)(e) did not apply to case of assessee, in view of ratio laid down in CIT v. T. Abdul Wahid & Co., wherein it was held that as assessee was not a shareholder in company, from which loan in dispute was received, it was neither a loan nor an advance, but a deferred liability.
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Dividend - Deemed dividend under section 2(22)(e) - Assessee not a shareholders in company -
Revenue challenged order of Tribunal holding that section 2(22)(e) could not be applied to case of assessee. Held: Instant case was considered by Court earlier in case of CIT v. T. Abdul Wahid & Co., and said judgment was followed in the case of CIT v. Checkpoint Apparel. Following the same, appeal of revenue was dismissed.
REFERRED : Gopal & Sons (HUF) v. CIT [(2017) 145 DR 0289 (SC) : 2017 TaxPub(DT) 68 (SC)], P.Sarada v. CIT [(1998) 229 ITR 444 (SC) : 1998 TaxPub(DT) 1048 (SC)], CIT v. National Travel Services [(2012) 347 ITR 305 (Del) : 2011 TaxPub(DT) 1936 (Del-HC)], National Travel Services v. CIT [(2018) 401 ITR 154 (SC) : 2018 TaxPub(DT) 526 (SC)], CIT v. Ankitech Pvt. Lt. [(2012) 340 ITR 0014 (Del) : 2011 TaxPub(DT) 1008 (Del-HC)].
FAVOUR : In assessee's favour.
A.Y. : 2008-09
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