Revenue authority mandates using scheme-specific reversal procedures, not revising original entries, for instrument-based trade/customs benefits effec...
Transaction value under s.15(1) governs unrelated sales; valuation between related parties per Rule 28; consignment note required for unregistered rec...
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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