Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

No deemed dividend if assessee wasn't a registered shareholder in lending Co.

Where AO made addition to income of assessee-company under section 2(22)(e) in respect of loan on ground that there was a common shareholder in case of assessee and lender company, since addition if any, could be made in hands of such registered shareholder, same deserved to be deleted in assessee's case
Refer:[2018] 96 262 (Mumbai - Trib.)

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