https://www.taxtmi.com/caselaws?id=203348 Deemed dividend under section 2(22)(e) requires consideration of all relevant debit and credit accounts that reflect the actual loan relationship between a shareholder and the company. A debenture account, being an acknowledgement of debt, must be considered together with personal and proprietorship accounts; on a combined review, no qualifying loan or advance arose. Share premium does not constitute accumulated profits and cannot be included in computing the statutory limit for deemed dividend. Accordingly, no addition under section 2(22)(e) was sustainable. en-us Wed, 29 Apr 2009 00:00:00 +0530 Fri, 23 Sep 2011 08:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203348 Deemed dividend under section 2(22)(e) requires consideration of all relevant debit and credit accounts that reflect the actual loan relationship between a shareholder and the company. A debenture account, being an acknowledgement of debt, must be considered together with personal and proprietorship accounts; on a combined review, no qualifying loan or advance arose. Share premium does not constitute accumulated profits and cannot be included in computing the statutory limit for deemed dividend. Accordingly, no addition under section 2(22)(e) was sustainable. Case-Laws Income Tax Wed, 29 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203348