Refund claim dismissed as time-barred under s.142(5); non-obstante clause read restrictively, merits not decided, self-assessment payments not mere de...
Assessee's project-completion revenue recognition upheld; income addition deleted under Guidance Note/AS-9 and percentage-completion rules as complian...
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.
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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