Assessee received unsecured loan from its group companies during relevant assessment year. The assessment was completed u\/s 143(3) of the Act. Commissioner set aside assessment order by invoking section 263 on ground that section 2(22)(e) would be applicable on loan received by assessee as same were deemed dividend and directed Assessing Officer to re-compute assessee’s income.\u00a0 Tribunal set aside the order on the ground that the\u00a0 assessee paid off loan with interest in same year itself.\u00a0 Furthermore, details of shareholders holding more than 10 per cent shares were provided by assessee-company during assessment proceedings and Assessing Officer after taking into consideration all relevant documents held that section 2(22)(e) would not be applicable in case of assessee. On appeal High Court affirmed the order of Tribunal.\u00a0 (AY. 2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 263 : Commissioner-Revision of orders prejudicial to revenue Deemed dividend-Loans and advances to shareholders-Unsecured loan from group company-Paid back with interest in same year-Revision is held to be not justified. [S. 263]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-29349","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-7Dn","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29349","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=29349"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29349\/revisions"}],"predecessor-version":[{"id":29350,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29349\/revisions\/29350"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=29349"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=29349"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=29349"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}