Belated Form 10B filing during Covid-19 cannot defeat charitable exemption where genuine hardship warrants condonation and substantial justice prevail...
Limitation for consequential assessments runs from prescribed authority receipt, while verified purchases cannot be disallowed merely for unanswered s...
Higher depreciation for qualifying commercial vehicles, exempt-income disallowance, research deduction verification, and club-expense treatment clarif...
Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
AMP expenditure for own business is not an international transaction without an associated-enterprise arrangement, eliminating transfer pricing adjust...
Deemed-dividend treatment requires a payment by a closely held company to have the character of a loan or advance to a substantial shareholder. Where a running account shows a continuous credit balance in the shareholder's favour, payment by the company discharges its pre-existing liability rather than creating shareholder indebtedness. Repayment or withdrawal against amounts already due to the shareholder therefore does not constitute deemed dividend. The real nature of the current account and movement of funds must be assessed; a payment's classification cannot rest solely on money moving from company to shareholder. Absence of a loan agreement, interest terms or board approval does not convert repayment into a loan or advance.
Deemed-dividend treatment requires a payment by a closely held company to have the character of a loan or advance to a substantial shareholder. Where a running account shows a continuous credit balance in the shareholder's favour, payment by the company discharges its pre-existing liability rather than creating shareholder indebtedness. Repayment or withdrawal against amounts already due to the shareholder therefore does not constitute deemed dividend. The real nature of the current account and movement of funds must be assessed; a payment's classification cannot rest solely on money moving from company to shareholder. Absence of a loan agreement, interest terms or board approval does not convert repayment into a loan or advance.
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