https://www.taxtmi.com/caselaws?id=356821 The Tribunal held that the loan taken by the assessee from the company, where the assessee held more than 10% shareholding, was not deemed dividend under section 2(22)(e) of the Income Tax Act. The loan was deemed to be for business expediency, as it facilitated credit limits for the company through personal guarantees and mortgaged properties. The Tribunal found the transaction necessary and repaid with interest, distinguishing it from deemed dividends. The revenue's appeal was dismissed, and the cross objection by the assessee was also rejected. en-us Fri, 09 Mar 2018 00:00:00 +0530 Mon, 12 Mar 2018 14:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356821 The Tribunal held that the loan taken by the assessee from the company, where the assessee held more than 10% shareholding, was not deemed dividend under section 2(22)(e) of the Income Tax Act. The loan was deemed to be for business expediency, as it facilitated credit limits for the company through personal guarantees and mortgaged properties. The Tribunal found the transaction necessary and repaid with interest, distinguishing it from deemed dividends. The revenue's appeal was dismissed, and the cross objection by the assessee was also rejected. Case-Laws Income Tax Fri, 09 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356821