https://www.taxtmi.com/caselaws?id=262165 The tribunal allowed the revenue's appeal, upholding the assessment of deemed dividend under section 2(22)(e) of the Income Tax Act for the assessment year 2007-08. The tribunal found the assessee's explanation regarding acting as an agent for the company in applying for shares unconvincing. Mere repayment of borrowed funds does not exempt the assessee from the provisions of section 2(22)(e). The tribunal held that the precedent cited by the revenue was not applicable in this case and upheld the assessment of Rs. 62.00 lakhs as deemed dividend, setting aside the CIT(A)'s decision. en-us Wed, 03 Jun 2015 00:00:00 +0530 Tue, 04 Aug 2015 05:47:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262165 The tribunal allowed the revenue's appeal, upholding the assessment of deemed dividend under section 2(22)(e) of the Income Tax Act for the assessment year 2007-08. The tribunal found the assessee's explanation regarding acting as an agent for the company in applying for shares unconvincing. Mere repayment of borrowed funds does not exempt the assessee from the provisions of section 2(22)(e). The tribunal held that the precedent cited by the revenue was not applicable in this case and upheld the assessment of Rs. 62.00 lakhs as deemed dividend, setting aside the CIT(A)'s decision. Case-Laws Income Tax Wed, 03 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262165