https://www.taxtmi.com/caselaws?id=66578 The Tribunal upheld the decision to treat the unsecured loan as deemed dividend under Section 2(22)(e) of the Income-tax Act, charging it to tax. The Tribunal emphasized that the statutory description of the amount in the balance sheet as an unsecured loan was prima facie evidence, and the assessee failed to prove it was share application money. The Tribunal also rejected the argument of procedural hurdles under the Companies Act, stating that violations do not alter the transaction's nature. The appeal was dismissed, affirming the lower authorities' decision. en-us Thu, 03 Sep 1998 00:00:00 +0530 Mon, 28 Feb 2011 13:15:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66578 The Tribunal upheld the decision to treat the unsecured loan as deemed dividend under Section 2(22)(e) of the Income-tax Act, charging it to tax. The Tribunal emphasized that the statutory description of the amount in the balance sheet as an unsecured loan was prima facie evidence, and the assessee failed to prove it was share application money. The Tribunal also rejected the argument of procedural hurdles under the Companies Act, stating that violations do not alter the transaction's nature. The appeal was dismissed, affirming the lower authorities' decision. Case-Laws Income Tax Thu, 03 Sep 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66578