Deemed Dividends cannot be Taxed in the Hands of Non-Shareholders: ITAT Deletes Addition [Read Order]

Deemed Dividends cannot - Taxed in the Hands of Non-Shareholders - ITAT Deletes Addition - TAXSCAN

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has deleted the additional holding that the deemed dividends could not be taxed in the hands of non-shareholders. The Assessing Officer (AO) during the impugned order noted that as per tax audit report assessee, Aryavart Infrastructure P. Ltd. had received loan from Aryavart Commodities P. Ltd….

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