https://www.taxtmi.com/caselaws?id=61862 The Tribunal upheld the decision that advances made to the appellant constituted deemed dividends under Section 2(22)(e) of the Income-tax Act, 1961. The appellant's arguments regarding the nature of advances, validity of the affidavit, computation of accumulated profits, consideration of peak debit, and relevance of liabilities were rejected. The Tribunal emphasized that the statutory fiction of deemed dividend applies at the time of each advance, regardless of subsequent events. The appeal was dismissed, affirming the taxability of the advances as deemed dividends. en-us Thu, 15 Dec 1994 00:00:00 +0530 Sun, 06 Feb 2011 03:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61862 The Tribunal upheld the decision that advances made to the appellant constituted deemed dividends under Section 2(22)(e) of the Income-tax Act, 1961. The appellant's arguments regarding the nature of advances, validity of the affidavit, computation of accumulated profits, consideration of peak debit, and relevance of liabilities were rejected. The Tribunal emphasized that the statutory fiction of deemed dividend applies at the time of each advance, regardless of subsequent events. The appeal was dismissed, affirming the taxability of the advances as deemed dividends. Case-Laws Income Tax Thu, 15 Dec 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61862