https://www.taxtmi.com/caselaws?id=22890 The court held that section 2(22)(e) of the Income-tax Act, 1961 applies to an advance or loan made to a corporate entity and includes credit balances in the books of the assessee. The provision encompasses payments to shareholders with substantial interest, even if the shareholder is a company. The court ruled in favor of the Revenue, directing the assessee to pay the costs of the reference for the assessment year 1969-70. en-us Fri, 18 Nov 1988 00:00:00 +0530 Tue, 15 Dec 2009 11:57:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22890 The court held that section 2(22)(e) of the Income-tax Act, 1961 applies to an advance or loan made to a corporate entity and includes credit balances in the books of the assessee. The provision encompasses payments to shareholders with substantial interest, even if the shareholder is a company. The court ruled in favor of the Revenue, directing the assessee to pay the costs of the reference for the assessment year 1969-70. Case-Laws Income Tax Fri, 18 Nov 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22890