Deemed Dividend u/s 2(22)(e) applicable only to Persons who are recipient of Loan and Shareholder of the Payer Company: ITAT [Read Order]

By Jwala K.P - On August 5, 2022 8:10 pm

The Income Tax Appellate Tribunal (ITAT), Chennai bench has held that deemed dividend under section 2(22)(e) applies only to persons who are recipients of loan and shareholders of the Payer Company. During the reassessment of the appellant, M/s. Pallava Resorts Private Limited, the Assessing Officer treated the Loan received from QNEI as ‘deemed dividend’ and…

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M/s. Pallava Resorts Private Limited vs Income Tax Officer

Counsel for Appellant: Mr. S. Sundraraman

Counsel for Respondent: Mr. P. Sajit Kumar

CITATION: 2022 TAXSCAN (ITAT) 1142

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