https://www.taxtmi.com/caselaws?id=331751 The Tribunal upheld the lower authorities' decision, ruling that the loan received by the assessee from a closely held company constituted a deemed dividend under section 2(22)(e) of the Income Tax Act for the assessment year 2008-09. Despite the assessee's arguments that the loan was a business advance and secured by collateral, the Tribunal found insufficient evidence to support these claims and concluded that the provisions of section 2(22)(e) applied due to the nature of the transaction and the shareholding pattern. en-us Tue, 26 Jul 2016 00:00:00 +0530 Thu, 01 Sep 2016 14:06:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331751 The Tribunal upheld the lower authorities' decision, ruling that the loan received by the assessee from a closely held company constituted a deemed dividend under section 2(22)(e) of the Income Tax Act for the assessment year 2008-09. Despite the assessee's arguments that the loan was a business advance and secured by collateral, the Tribunal found insufficient evidence to support these claims and concluded that the provisions of section 2(22)(e) applied due to the nature of the transaction and the shareholding pattern. Case-Laws Income Tax Tue, 26 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331751