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Unpaid consideration on sale of flat to shareholder to be treated as deemed dividend u/s 2(22)(e): HC

May 7, 2019[2019] 106 67 (Madras)/[2019] 264 Taxman 146 (Madras)

IT : Where 'S' Ltd., in which assessee had substantial shareholding, sold a flat to assessee of which a major portion of price remained unpaid by him at end of previous year, authorities below were justified in treating said amount as deemed dividend under section 2(22)(e)

IT : Instruction No.3, dated 9-2-2011, is neither binding on Court or Tribunal, nor Board can direct concerned Court or Tribunal to compel litigant to withdraw appeal due to low tax effect
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