Issues in Corporate Taxation. - jb nagar cpe study circle of wirc of icai
Issues in Corporate Taxation. - jb nagar cpe study circle of wirc of icai
Issues in Corporate Taxation. - jb nagar cpe study circle of wirc of icai
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CIT (Appeal)’s observations and decision<br />
• The sum received as loan/advance dur<strong>in</strong>g the relevant assessment year<br />
could only be treated as <strong>in</strong>come by way <strong>of</strong> “deemed dividend”<br />
• The carried forward balance could not be treated as deemed dividend.<br />
Tribunal’s observations<br />
• The Tribunal deleted the addition on the ground that the grant<strong>in</strong>g <strong>of</strong><br />
loans was a substantial part <strong>of</strong> the bus<strong>in</strong>ess <strong>of</strong> AMPL and so the loan<br />
could not be treated as ”deemed <strong>in</strong>come” <strong>in</strong> the hands <strong>of</strong> the assessee.<br />
August, 2011<br />
CA Sanjeev Lalan, S<strong>in</strong>grodia Goyal &<br />
Co. Presentation at JB Nagar CPE Study<br />
Circle<br />
10