https://www.taxtmi.com/caselaws?id=235156 The Tribunal upheld the FAA's findings that the overdrawing by the assessee directors constituted advances or loans, taxable as deemed dividends under Section 2(22)(e) of the Income Tax Act. Despite arguments that the transactions were for business purposes, the Tribunal found the conditions for deemed dividends were met. Citing precedents, the Tribunal dismissed all appeals, confirming the amounts as deemed dividends for the respective assessment years. en-us Tue, 30 Apr 2013 00:00:00 +0530 Sat, 13 Jul 2013 10:37:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235156 The Tribunal upheld the FAA's findings that the overdrawing by the assessee directors constituted advances or loans, taxable as deemed dividends under Section 2(22)(e) of the Income Tax Act. Despite arguments that the transactions were for business purposes, the Tribunal found the conditions for deemed dividends were met. Citing precedents, the Tribunal dismissed all appeals, confirming the amounts as deemed dividends for the respective assessment years. Case-Laws Income Tax Tue, 30 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235156