Deemed dividend treatment requires assessing officers to report closely held company loans to shareholders' assessing officers. Loans or advances by closely held companies to shareholders with substantial interest are treated as deemed dividends to the extent of accumulated profits; ITOs assessing companies must scrutinize such advances, determine amounts attributable to accumulated profits, and intimate full details to the ITOs assessing the shareholders.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deemed dividend treatment requires assessing officers to report closely held company loans to shareholders' assessing officers.
Loans or advances by closely held companies to shareholders with substantial interest are treated as deemed dividends to the extent of accumulated profits; ITOs assessing companies must scrutinize such advances, determine amounts attributable to accumulated profits, and intimate full details to the ITOs assessing the shareholders.
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