SC: Approves Bhaumik Color ratio; Shareholder taxable for deemed dividend, not loan recipient

Oct 06,2017

SC upholds Delhi HC ruling in Ankitech Pvt. Ltd. and Bombay HC ruling in Universal Medicare Pvt. Ltd., in a batch of over 135 appeals; HCs had approved Mumbai ITAT Special Bench ruling in Bhaumik Color P. Ltd. to hold that deemed dividend u/s. 2(22)(e) would be taxable only in the hands of 'registered' shareholder and not loan recipient.

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