https://www.taxtmi.com/caselaws?id=216093 The Appellate Tribunal upheld the lower authorities' decision that the loan given to the shareholder was taxable as deemed dividends under section 2(22)(e) of the Income Tax Act. The Tribunal dismissed the appeal, emphasizing that the source of the amount paid to the shareholder was immaterial, and the company needed to possess accumulated profits to the extent of the deemed dividend. The Appellate Tribunal also rejected the argument regarding the treatment of additional depreciation in calculating deemed dividend, as the company had not claimed it. en-us Fri, 08 Jun 2012 00:00:00 +0530 Sat, 25 Aug 2012 10:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216093 The Appellate Tribunal upheld the lower authorities' decision that the loan given to the shareholder was taxable as deemed dividends under section 2(22)(e) of the Income Tax Act. The Tribunal dismissed the appeal, emphasizing that the source of the amount paid to the shareholder was immaterial, and the company needed to possess accumulated profits to the extent of the deemed dividend. The Appellate Tribunal also rejected the argument regarding the treatment of additional depreciation in calculating deemed dividend, as the company had not claimed it. Case-Laws Income Tax Fri, 08 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216093