Ddt
This query is : Resolved
09 October 2013
Why deemed dividend u/s 2(22)(e) is nt covered in 115O?
Is it writen anywhere in act?
10 October 2013
refer to explanation to section 115Q
"Explanation.—For the purposes of this Chapter, the expression "dividends" shall have the same meaning as is given to "dividend" in clause (22) of section 2 but shall not include sub-clause (e) thereof.]"
Also, remember that under 10(34) once 115-O is applied, dividend is exempt in the hands of the receiver, however, deemed dividend is not exempted and is taxable under income from other sources.
"Explanation.—For the purposes of this Chapter, the expression "dividends" shall have the same meaning as is given to "dividend" in clause (22) of section 2 but shall not include sub-clause (e) thereof.]"
Also, remember that under 10(34) once 115-O is applied, dividend is exempt in the hands of the receiver, however, deemed dividend is not exempted and is taxable under income from other sources.
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