Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Unsubstantiated exempt agricultural income claim sustains concealment penalty after disclosure only on departmental detection and no bona fide evidenc...
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ITAT upheld the applicability of deemed dividend under section 2(22)(e) where a shareholder had the requisite shareholding, a debit balance appeared in the company's books, and the company had sufficient accumulated profits; the short duration of the debit balance did not alter its character as a shareholder advance or loan. On computation, however, the Tribunal held that the net debit balance could not be determined by ignoring accrued interest on day-to-day credit balances, and the assessee had to be given a reasonable opportunity to have that adjustment considered. The matter was therefore remanded for recomputation of the amount assessable as deemed dividend.
ITAT upheld the applicability of deemed dividend under section 2(22)(e) where a shareholder had the requisite shareholding, a debit balance appeared in the company's books, and the company had sufficient accumulated profits; the short duration of the debit balance did not alter its character as a shareholder advance or loan. On computation, however, the Tribunal held that the net debit balance could not be determined by ignoring accrued interest on day-to-day credit balances, and the assessee had to be given a reasonable opportunity to have that adjustment considered. The matter was therefore remanded for recomputation of the amount assessable as deemed dividend.
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