https://www.taxtmi.com/caselaws?id=416156 The Tribunal upheld the CIT(A)'s order, ruling that the inter-corporate deposit (ICD) provided by JP Iscon Ltd. to the assessee-company did not qualify as deemed dividend under Section 2(22)(e) of the Income Tax Act, 1961. This decision was based on the finding that the assessee was not a shareholder in JP Iscon Ltd., thus the provision of deemed dividend could not be applied. The Revenue's appeal was dismissed, and the assessee's cross-objection was also dismissed. The judgment emphasized that deemed dividend provisions are applicable only to shareholders of the lender company. en-us Thu, 25 Nov 2021 00:00:00 +0530 Wed, 22 Dec 2021 07:50:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416156 The Tribunal upheld the CIT(A)'s order, ruling that the inter-corporate deposit (ICD) provided by JP Iscon Ltd. to the assessee-company did not qualify as deemed dividend under Section 2(22)(e) of the Income Tax Act, 1961. This decision was based on the finding that the assessee was not a shareholder in JP Iscon Ltd., thus the provision of deemed dividend could not be applied. The Revenue's appeal was dismissed, and the assessee's cross-objection was also dismissed. The judgment emphasized that deemed dividend provisions are applicable only to shareholders of the lender company. Case-Laws Income Tax Thu, 25 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416156