https://www.taxtmi.com/caselaws?id=246819 The High Court upheld the decisions of the Tribunal and the first Appellate Authority, confirming that the amounts advanced by M/s. Ittina Properties Private Limited to the respondent-assessee could not be treated as deemed dividend under Section 2(22)(e) of the Income Tax Act, 1961, as the respondent-assessee was not a shareholder of Ittina. The Court emphasized the legislative intent to tax dividends in the hands of shareholders and rejected the revenue's reliance on Circular No.495. The appeals were disposed of in favor of the respondent-assessee, with the Court suggesting that the revenue could tax the deemed income in the hands of the shareholders if necessary. en-us Wed, 08 Jan 2014 00:00:00 +0530 Wed, 23 Apr 2014 10:13:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=246819 The High Court upheld the decisions of the Tribunal and the first Appellate Authority, confirming that the amounts advanced by M/s. Ittina Properties Private Limited to the respondent-assessee could not be treated as deemed dividend under Section 2(22)(e) of the Income Tax Act, 1961, as the respondent-assessee was not a shareholder of Ittina. The Court emphasized the legislative intent to tax dividends in the hands of shareholders and rejected the revenue's reliance on Circular No.495. The appeals were disposed of in favor of the respondent-assessee, with the Court suggesting that the revenue could tax the deemed income in the hands of the shareholders if necessary. Case-Laws Income Tax Wed, 08 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=246819