that the appellant company
is not entitled for refund of excess Dividend Distribution Tax
paid of Rs.44.05 lacs for the reason that there ... provision
in the Act for cancellation of the dividend or refund of
dividend distribution tax pursuant to amalgamation. He
failed to appreciate that since amalgamation
share capital of
the company. Had, the assessee distributed dividend, it would have
paid dividend distribution tax. The assessee, although derived huge
profits not declared ... assessee has paid
performance bonus to avoid distribution of dividend and evade payment
of dividend distribution tax. We do not find any merit
income-tax (hereafter referred to as tax on distributed profits) at the
rate of fifteen per cent:
99
[Provided that in respect of dividend referred ... distributed profits and the proviso below sub section (1) of section 115O is
w.e.f. 01.04.2018 as per which Dividend Distribution Tax on deemed
Jayshree Tea & Industries Ltd. reported in 253 ITR
608, Dividend Distribution Tax has been rightly levied on the 40% of the
amount of Dividend ... given to the assessing officer, in respect
of Dividend Distribution Tax which are at page 4 para 2 of his order, which is extracted
above
Dcit, Cir-8(1), Kolkata, Kolkata vs M/S Eih Ltd., Kolkata on 12 January
company would had paid dividend to Mr.
Darayus A. Bathena, then it would have paid 15% as dividend distribution
tax, while for the entire dividend ... paid dividend to Mr.
Darayus A. Bathena, then though it would had been liable to pay 15% as
dividend distribution tax, however the entire dividend
income from other sources on account of non
payment of dividend distribution tax by the assessee-company, which in fact
claims to be not liable ... said addition. Even
assuming, for the sake of argument, that the dividend distribution tax was indeed
payable by the assessee-company, the Revenue can only
section 14 A
read with rule 8 D of the income tax rules. Consequent to that the Ld.
assessing officer worked out the total disallowance ... dividend distribution tax on
dividends distributed in debt-funds and only net income (after payment of
dividend distribution tax) has been received as dividends
company would had paid dividend to Mr.
Darayus A. Bathena, then it would have paid 15% as dividend
distribution tax, while for the entire dividend ... paid dividend to Mr. Darayus A.
Bathena, then though it would had been liable to pay 15% as
dividend distribution tax, however the entire dividend
distribution of
accumulated profit and it has to be treated as dividend under Section 2(22)(d)
of the Act and Dividend Distribution Tax ... declaration of any dividend; or
(b) distribution of any dividend; or
(c) payment of any dividend,
whichever is earliest.
......"
Section 115 P - Interest payable
