https://www.taxtmi.com/caselaws?id=76020 The court upheld the Tribunal's decision that the loan obtained by the assessee from a company cannot be treated as deemed dividend under Section 2(22)(e) of the Income-tax Act, 1961. The liability towards house tax of the company was considered in determining accumulated profit, leading to the conclusion that no deemed dividend existed. The court emphasized that the treatment of the liability by the company did not bind the assessee, and the liability had to be determined based on the provisions of the Income-tax Act. The appeal was dismissed as no substantial question of law arose for consideration. en-us Tue, 18 May 2010 00:00:00 +0530 Tue, 01 Jun 2010 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76020 The court upheld the Tribunal's decision that the loan obtained by the assessee from a company cannot be treated as deemed dividend under Section 2(22)(e) of the Income-tax Act, 1961. The liability towards house tax of the company was considered in determining accumulated profit, leading to the conclusion that no deemed dividend existed. The court emphasized that the treatment of the liability by the company did not bind the assessee, and the liability had to be determined based on the provisions of the Income-tax Act. The appeal was dismissed as no substantial question of law arose for consideration. Case-Laws Income Tax Tue, 18 May 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76020