https://www.taxtmi.com/caselaws?id=186205 The Tribunal upheld the decision that the amount received was a security deposit in the ordinary course of business, not a deemed dividend under Section 2(22)(e) of the Income Tax Act, 1961. It ruled that deemed dividends should be taxed in the hands of the shareholder, not the concern, and since the assessee was not a registered shareholder, the addition made by the AO was deleted. The appeal by the Revenue was dismissed, and the cross-objection by the assessee was allowed. en-us Fri, 25 Feb 2011 00:00:00 +0530 Fri, 09 Sep 2016 17:22:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186205 The Tribunal upheld the decision that the amount received was a security deposit in the ordinary course of business, not a deemed dividend under Section 2(22)(e) of the Income Tax Act, 1961. It ruled that deemed dividends should be taxed in the hands of the shareholder, not the concern, and since the assessee was not a registered shareholder, the addition made by the AO was deleted. The appeal by the Revenue was dismissed, and the cross-objection by the assessee was allowed. Case-Laws Income Tax Fri, 25 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186205