https://www.taxtmi.com/caselaws?id=362910 The Tribunal set aside the lower authorities' orders and deleted the addition of deemed dividend of &8377; 77,26,899 under section 2(22)(e) of the I.T. Act. The appeal was partly allowed in favor of the assessee, emphasizing that a director/shareholder's running account with the company should not be considered a loan or advance, aligning with precedents favoring the assessee. The Tribunal's decision focused on preventing tax avoidance by closely held companies, ultimately ruling in favor of the assessee on the substantive issue. en-us Mon, 02 Jul 2018 00:00:00 +0530 Thu, 05 Jul 2018 12:07:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362910 The Tribunal set aside the lower authorities' orders and deleted the addition of deemed dividend of &8377; 77,26,899 under section 2(22)(e) of the I.T. Act. The appeal was partly allowed in favor of the assessee, emphasizing that a director/shareholder's running account with the company should not be considered a loan or advance, aligning with precedents favoring the assessee. The Tribunal's decision focused on preventing tax avoidance by closely held companies, ultimately ruling in favor of the assessee on the substantive issue. Case-Laws Income Tax Mon, 02 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362910