https://www.taxtmi.com/caselaws?id=271674 The Tribunal upheld the Assessing Officer's decision that the loan received by the assessee from a closely held company constituted deemed dividend under Section 2(22)(e) of the Income Tax Act. The assessee's claim that the loan was for purchasing land for the company was rejected due to lack of evidence. The Tribunal also ruled against telescoping the voluntary disclosure of additional income against the deemed dividend addition and dismissed the argument for apportioning the deemed dividend among shareholders. The Tribunal affirmed the lower authorities' decisions, concluding that the loan was rightly treated as deemed dividend. en-us Fri, 08 Jan 2016 00:00:00 +0530 Fri, 12 Feb 2016 09:43:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271674 The Tribunal upheld the Assessing Officer's decision that the loan received by the assessee from a closely held company constituted deemed dividend under Section 2(22)(e) of the Income Tax Act. The assessee's claim that the loan was for purchasing land for the company was rejected due to lack of evidence. The Tribunal also ruled against telescoping the voluntary disclosure of additional income against the deemed dividend addition and dismissed the argument for apportioning the deemed dividend among shareholders. The Tribunal affirmed the lower authorities' decisions, concluding that the loan was rightly treated as deemed dividend. Case-Laws Income Tax Fri, 08 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271674