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TMI Blog2008 (10) TMI 268X X X X Extracts X X X X X X X X Extracts X X X X ..... 08 for the asst. yr. 2005-06. 2. During the course of hearing. the learned Authorised Representative of the assessee has not pressed the ground Nos. 1, 4 and 5. Hence, the same are dismissed being not pressed. 3. The ground No. 6 of the assessee is general in nature which needs no adjudication by us. "Ground No. 2: The learned CIT(A) has erred in confirming the action of the AO in treating t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ow cause as to why TDS amount should not be recovered from it under s. 201(1) and interest under s. 201(1A) should not be charged. In response, the assessee deductor filed its reply and details. The reply filed by the assessee was considered by the AO. However, the reply of the assessee was not found acceptable by the AO and accordingly as per detailed discussion contained in pp. 1 to 5 of the ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anies which are not shareholders of the assessee company: (1) M/s Citybuild Realtors (P) Ltd. (2) M/s Indiana Classic Realtors (P) Ltd. (3) M/s Minu Constructions (P) Ltd. The shareholders of the assessee company are Shri Mohd. Rafi Bagdia 50 per cent and Shri Tehsin Rafi Bagdia - 50 per cent. The complete picture is depicted in the chart placed on record. The legislature have rightly rest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shareholder. Thus, s. 194 requires TDS only when payment is made to a shareholder. Payments to shareholder will cover both types of dividends i.e. normal dividend as well as deemed dividend. Otherwise also, deemed dividend will be taxed in the hands of the shareholder and not in the hands of non-shareholder payee. Therefore, s. 194 does not require TDS when payment is made to a non-shareholder. A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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