Deemed Dividend
This query is : Resolved
13 January 2009
At the tome of scrutiny of a pvt. company it was seen that a shareholder holding more than 90% holding had taken loan from the company. That loan amount was held to be deemed dividend u/s. 2(22)(e).Thereafter a notice u/s. 148 was issued to the shareholder, who in response to same filed a revised return and paid tax in relation to the amount held as deemed dividend.Against that revised return notice u/s.143(2) was issued.Assessment was completed accepting the total income as per revised return.But now A.O.has levied penalty for concealment u/s. 271(1)(c). Is A.O.'s contention right? How can the assessee cancel the penalty levied?
13 January 2009
Visit
https://www.financialexpress.com/news/loans-as-deemed-dividend/70640/
https://www.financialexpress.com/news/loans-as-deemed-dividend/70640/
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
