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Documents citing Gandhi Securities & Investments P.Ltd, ... vs Dcit 4(1), Mumbai on 19 December, 2017

Tansy Investments P. Ltd, Mumbai vs Ito 8(3)(3), Mumbai on 26 July, 2019

identical issue has been considered by the Co-ordinate Bench of ITAT in assessee's group company case in the case of M./s Lotus Investments Ltd. vs DCIT in ITA No. 6737/Mum/2017, where under identical set off facts held that if at all interest disallowance is required u/s 36(1)(iii), it should be restricted to net interest expenditure ( interest earned - interest expanded). The relevant findings of the Tribunal are as under:-
Income Tax Appellate Tribunal - Mumbai Cites 13 - Cited by 0 - Full Document

Vital Industries India Pvt. Ltd., ... vs Dcit, Chennai on 15 February, 2018

6. From the above, it is seen that any payment made by a company in which public are not substantially interested, out of its accumulated profits, to a shareholder or to any concern in which such a shareholder is a member or :-8-: ITA No. 1184/Mds/2017 partner and has substantial interest, by way of loan or advance is deemed dividend income of the recipient. In this case, undisputedly assessee is the recipient of the loan from M/s MGM Entertainments Private Limited . It is also not disputed that M/s. MGM Entertainments Private Limited has accumulated profits. The assessee is not the shareholder of M/s. MGM Entertainments Private Limited , but it is the concern in which the shareholder of MGM Entertainments Private Limited , Mr. MGM Anand holds 70 per cent of equity share capital. Therefore, the provisions of section 2(22)(e) are very much applicable. We are fortified in our decisions from the decision of the Mumbai ITAT in the case of Extermpore Securities And Investments (P) Ltd., vs DCIT , 116 TTJ 525, Mumbai. On facts, all other decisions relied by the assessee are distinguishable.
Income Tax Appellate Tribunal - Chennai Cites 6 - Cited by 0 - Full Document
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