2015 (7) TMI 1383 - SCH - Income Tax

Deemed dividend u/s 2(22)(e) - Loan or advance received - as per HC no loan or advance was granted to the assessee since the amount had actually been defalcated and was not reflected in the book of account of the assessee - The fact that there was defalcation had been accepted since this amount was allowed as business loss - Even assuming that it was a dividend it would have to be taxed not in the hand of the assessee but in the hands of the shareholder - HELD THAT - Leave grated.

Summary

The Supreme Court of India granted leave in the case and tagged it with Civil Appeal No.1141 of 2015 and Civil Appeal No.2076 of 2012. The reference was made to the Bombay High Court judgment of 2014 (9) TMI 318. The judges were Mr. Ranjan Gogoi and Mr. N.V. Ramana. The petitioner was represented by Mr. Guru Krishnakumar, Mr. Arijit Prasad, Ms. Vimla Sinha, Ms. Rukhsana Choudhary, and Mrs. Anil Katiyar.