https://www.taxtmi.com/caselaws?id=291139 The Tribunal ruled in favor of the limited company appellant, holding that the loan amount received from a group concern with common shareholders did not constitute deemed dividend under Section 2(22)(e) of the Income-tax Act, 1961. The Tribunal emphasized that deemed dividend can only apply to shareholders and not to the company itself, distinguishing the case from situations involving partnership firms. As a result, the addition made under Section 2(22)(e) was deemed unjustified and was deleted by the Tribunal's decision on November 7, 2012, in Chennai. en-us Wed, 07 Nov 2012 00:00:00 +0530 Thu, 29 Oct 2020 14:27:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291139 The Tribunal ruled in favor of the limited company appellant, holding that the loan amount received from a group concern with common shareholders did not constitute deemed dividend under Section 2(22)(e) of the Income-tax Act, 1961. The Tribunal emphasized that deemed dividend can only apply to shareholders and not to the company itself, distinguishing the case from situations involving partnership firms. As a result, the addition made under Section 2(22)(e) was deemed unjustified and was deleted by the Tribunal's decision on November 7, 2012, in Chennai. Case-Laws Income Tax Wed, 07 Nov 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291139