Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
Try it now in Case Laws →
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of ITAT held that the payments in question do not constitute deemed dividend under section 2(22)(e) because the recipient was not a registered shareholder of the assessee-company; consequently, tax deduction at source under section 194 could not be fastened, and consequential liability under sections 201(1) and 201(1A) does not arise. Characterising the transaction as commercial lending, the Tribunal concluded that neither the deemed dividend provisions nor tax-deduction liabilities apply. The assessee's appeal was allowed and the demand under the said provisions was set aside.
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