Writ relief against show cause notices is available where jurisdiction is absent and concluded advance rulings cannot be reopened without fresh fraud ...
Section 80P business attribution: ITAT allows deduction on investment interest and ancillary receipts, but excludes staff-loan and other non-eligible ...
Section 2(22)(e) deems certain loans or advances to be dividends but enlarges only the meaning of dividend, not shareholder status. Its Explanation 3 defines "concern" as a HUF, firm, association of persons, body of individuals or company, and does not include a public Trust. A loan or advance from a private company to a public Trust therefore ordinarily cannot be treated as deemed dividend merely because the managing trustee holds substantial shares in the lender. The position may differ if the Trust is itself a qualifying shareholder or acts as a conduit for the trustee's individual benefit. On the stated facts, the reopening order and notices were quashed.
Section 2(22)(e) deems certain loans or advances to be dividends but enlarges only the meaning of dividend, not shareholder status. Its Explanation 3 defines "concern" as a HUF, firm, association of persons, body of individuals or company, and does not include a public Trust. A loan or advance from a private company to a public Trust therefore ordinarily cannot be treated as deemed dividend merely because the managing trustee holds substantial shares in the lender. The position may differ if the Trust is itself a qualifying shareholder or acts as a conduit for the trustee's individual benefit. On the stated facts, the reopening order and notices were quashed.
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