https://www.taxtmi.com/caselaws?id=7722 A loan or advance by a closely held company to a shareholder may fall within the extended dividend definition in section 2(6A)(e) of the Indian Income-tax Act, 1922 because it is treated as dividend out of accumulated profits. However, for the corporation tax rebate under the Finance Act, 1956, the statutory expression was "distributed to its shareholders", and the court treated "distribution" and "payment" as distinct. The deemed-dividend fiction in the Income-tax Act was not extended beyond the language used in the Finance Act, so the loan was not dividend distributed to shareholders for rebate withdrawal. en-us Wed, 25 Jun 1969 00:00:00 +0530 Wed, 18 Mar 2009 10:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7722 A loan or advance by a closely held company to a shareholder may fall within the extended dividend definition in section 2(6A)(e) of the Indian Income-tax Act, 1922 because it is treated as dividend out of accumulated profits. However, for the corporation tax rebate under the Finance Act, 1956, the statutory expression was "distributed to its shareholders", and the court treated "distribution" and "payment" as distinct. The deemed-dividend fiction in the Income-tax Act was not extended beyond the language used in the Finance Act, so the loan was not dividend distributed to shareholders for rebate withdrawal. Case-Laws Income Tax Wed, 25 Jun 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7722