2020 (1) TMI 1426 - SCH - Income Tax

Deemed dividend u/s 2(22)(e) - amounts received as share application by companies from companies in both of which the assessee has beneficial interest - whether is not loans and advances for the purposes of invoking section 2(22)(e)? - HC held what was received was share allotment money and, therefore, could not be considered to be a loan and/or advance - HELD THAT - As petitioner, on instructions, issued by the Department of Revenue, Ministry of Finance vide F. No.390/Misc./116/2017-JC dated 22.08.2019, seeks permission to withdraw this Special Leave Petition along with pending applications therein due to low tax effect. Permission granted, subject to just exceptions. The special leave petition and pending applications are dismissed as withdrawn, leaving question of law open.

Summary

The Supreme Court of India allowed the petitioner to withdraw the Special Leave Petition and pending applications due to low tax effect. The petition and applications were dismissed as withdrawn, leaving the question of law open.