https://www.taxtmi.com/caselaws?id=373226 Reassessment under sections 147 and 148 was considered unsustainable where the very income alleged to have escaped assessment had already been taxed in other hands, because the recorded reasons lacked a valid basis for treating the sum as escaped income. Inter-corporate deposits were distinguished from loans or advances, and on the facts the arrangement did not fall within section 2(22)(e) in the first year. For treaty purposes, deemed dividend was treated as dividend under Article 10 of the India-Mauritius Tax Treaty, so the treaty rate applied; a claim to complete non-taxability in India was rejected. For the later year, shareholding had to be tested on the date of advance, and only the separate payment of Rs. 2,00,00,000 was brought within the deeming provision. en-us Tue, 06 Nov 2018 00:00:00 +0530 Fri, 26 Jun 2026 10:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373226 Reassessment under sections 147 and 148 was considered unsustainable where the very income alleged to have escaped assessment had already been taxed in other hands, because the recorded reasons lacked a valid basis for treating the sum as escaped income. Inter-corporate deposits were distinguished from loans or advances, and on the facts the arrangement did not fall within section 2(22)(e) in the first year. For treaty purposes, deemed dividend was treated as dividend under Article 10 of the India-Mauritius Tax Treaty, so the treaty rate applied; a claim to complete non-taxability in India was rejected. For the later year, shareholding had to be tested on the date of advance, and only the separate payment of Rs. 2,00,00,000 was brought within the deeming provision. Case-Laws Income Tax Tue, 06 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373226