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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Facts & Background<br />
• Assessee was engaged <strong>in</strong> bus<strong>in</strong>ess <strong>of</strong> manufacture <strong>of</strong> plastic caps for<br />
bottles.<br />
• AMPL was engaged <strong>in</strong> bus<strong>in</strong>ess <strong>of</strong> production, sale and distribution <strong>of</strong> s<strong>of</strong>t<br />
dr<strong>in</strong>ks, aerated waters and m<strong>in</strong>eral waters.<br />
• Bus<strong>in</strong>ess <strong>of</strong> assessee was complimentary with the bus<strong>in</strong>ess <strong>of</strong> AMPL.<br />
• Assessee had taken unsecured loan from its sister concern, AMPL.<br />
• Majority <strong>of</strong> share capital <strong>of</strong> assessee was held by two <strong>in</strong>dividuals who were<br />
also majority shareholders <strong>of</strong> AMPL.<br />
• AMPL was a company <strong>in</strong> which public was not substantially <strong>in</strong>terested.<br />
• AO’s contentions<br />
(a) The amount which was a loan by AMPL to the assessee company<br />
should be treated as deemed dividend u/s 2(22)(e)<br />
August, 2011<br />
CA Sanjeev Lalan, S<strong>in</strong>grodia Goyal & Co.<br />
Presentation at JB Nagar CPE Study Circle<br />
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