Shareholding Prerequisite for Deemed Dividend status for making Addition u/s 2(22) (e) of Income Tax Act: ITAT deletes Addition [Read Order]

The assessee was not a beneficial or registered owner of shares of the payer entity, no dividend could have been received by the assessee company
ITAT - ITAT Chennai - Income tax - Income tax news - Deemed Dividend - TAXSCAN

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) has deleted an addition made under Section 2(22)(e) of the Income Tax Act, 1961 ruling that shareholding prerequisite is essential to qualify for deemed dividend status. The Assessing Officer (AO) held that the provisions of Section 2 (22)(e) of Income Tax Act would…

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