Interactive flat panels meeting automatic data processing conditions are distinguished from monitors, while later classification clarifications apply ...
Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
A loan advanced by a closely held company to a shareholder can be treated as deemed dividend where the statutory conditions of section 2(22)(e) are satisfied. Applying the Supreme Court's interpretation in Smt. Tarulata Shyam, the Tribunal held that later repayment and the fact that the advance carried interest did not remove the payment from the deeming fiction. The authorities relied on by the parties were distinguished on their facts, including a money-lending exception and a specific quid pro quo absent here. The addition was therefore sustained and the appeal dismissed.
A loan advanced by a closely held company to a shareholder can be treated as deemed dividend where the statutory conditions of section 2(22)(e) are satisfied. Applying the Supreme Court's interpretation in Smt. Tarulata Shyam, the Tribunal held that later repayment and the fact that the advance carried interest did not remove the payment from the deeming fiction. The authorities relied on by the parties were distinguished on their facts, including a money-lending exception and a specific quid pro quo absent here. The addition was therefore sustained and the appeal dismissed.
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