https://www.taxtmi.com/caselaws?id=61592 The Tribunal upheld the AO's determination that the amount advanced to the director constituted a loan or advance, thus qualifying as deemed dividend under Section 2(22)(e) of the IT Act, 1961. However, it concluded that the tax liability should fall on the director, not the assessee-company. Consequently, the addition was deleted from the assessee-company's account, and the Revenue's appeal was partly allowed. en-us Mon, 04 Oct 2004 00:00:00 +0530 Tue, 25 Jun 2024 16:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61592 The Tribunal upheld the AO's determination that the amount advanced to the director constituted a loan or advance, thus qualifying as deemed dividend under Section 2(22)(e) of the IT Act, 1961. However, it concluded that the tax liability should fall on the director, not the assessee-company. Consequently, the addition was deleted from the assessee-company's account, and the Revenue's appeal was partly allowed. Case-Laws Income Tax Mon, 04 Oct 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61592