He also advised using of technology in measuring air quality in contro New Delhi: To leverage the emerging start-up eco-system in the country, National Research Development Corporation, opened an Incubation Centre in its premises which was inaugurated by Dr.Girish Sahni, Director General, CSIR and Secretary, DSIR on 10th January, 2018. BANGALORE: The Hon’ble Raksha Mantri, Smt Nirmala Sitharaman, made her maiden visit to the Bangalore Complex of Bharat Electronics Ltd and had a first-hand glimpse of the facilities here, on January 9, 2018.Indian Road Congress (IRC), New Delhi has accredited the construction of road by “Geopolymer Concrete” Devel Mumbai: Investor Interaction Meet underway, organized jointly by MOP and PFC at Sofitel, Mumbai.
The Supreme Court had to consider the following question of law: “Whether in view of the settled principle that HUF cannot be a registered shareholder in a company and hence could not have been both registered and beneficial shareholder, loan/advances received by HUF could be deemed as dividend within the meaning of Section 2(22)(e) of the Income Tax Act, 1961 especially in view of the term “concern” as defined in the Section itself?” HELD by the Supreme Court dismissing the appeal: (i) Section 2(22)(e) of the Act creates a fiction, thereby bringing any amount paid otherwise than as a dividend into the net of dividend under certain circumstances. It does not take into account that dividend which is actually declared or received.It could be something as simple as a run away script or learning how to better use E-utilities, for more efficient work such that your work does not impact the ability of other researchers to also use our site.To restore access and understand how to better interact with our site to avoid this in the future, please have your system administrator contact [email protected] the appeal filed by the assessee, the aforesaid addition was affirmed by the CIT(A). It was further argued that the Company had issued shares in the name of Shri Gopal Kumar Sanei, Karta of the HUF, and not in the name of the assessee/HUF as shares could not be directly allotted to a HUF.
On that basis, it was submitted that provisions of Section 2(22)(e) of the Act cannot be attracted.
In any case, the HUF is the beneficial shareholder. the Karta) has a substantial interest is also covered The assessee is a Hindu Undivided Family (HUF). On this basis, after noticing that the audited accounts of the Company was showing a balance of Rs.
Even if it is assumed that the Karta is the registered shareholder and not the HUF, as per Explanation 3 to s. During the previous year to the Assessment Year, the assessee had received certain advances from one M/s. 1,20,10,988/- as “Reserve & Surplus” as on 31st March, 2006, this amount was included in the income of the assessee as deemed dividend. Before the Supreme Court, the assessee argued that being a HUF, it was neither the beneficial shareholder nor the registered shareholder.
(vii) It is also found as a fact, from the audited annual return of the Company filed with ROC that the money towards share holding in the Company was given by the assessee/HUF.
Though, the share certificates were issued in the name of the Karta, Shri Gopal Kumar Sanei, but in the annual returns, it is the HUF which was shown as registered and beneficial shareholder.
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