The assessee was not a shareholder of the lending company, the amount of loan could not be assessed in the hands of the assessee in terms of Section 2(22)(e) of the Income Tax Act
The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that Section 2 (22) of Income Tax cannot be invoked against Non-Beneficiary Shareholders in company receiving Company Loans. In brief, the assessee, a private limited company operating a diagnostic center, declared an income of Rs. 2,55,37,237/- for Assessment Year 2013-14. Following scrutiny,…
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