Wednesday, February 15, 2017

Loan to HUF is deemed dividend when shareholder-Karta has substantial interest in HUF: Apex Court

The Supreme Court of India held that even if HUF is not a registered shareholder in lending company, advances/loans received by HUF is taxable as deemed dividend under section 2(22)(e) if Karta-shareholder has substantial interest in HUF. Gopal And Sons (HUF) v. Commissioner of Income-tax, Kolkata-XI*1 [2017] 77 taxmann.com 71 (SC)

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