https://www.taxtmi.com/caselaws?id=26411 A loan or advance to a shareholder is treated as deemed dividend under section 2(6A)(e) of the Indian Income-tax Act, 1922 only to the extent of accumulated profits existing on the date of each advance. Current profits cannot be counted as accumulated profits for this purpose. As the tax authority did not compute the deemed dividend by reference to accumulated profits on each loan date, the assessments could not stand, and the issue was answered in favour of the assessee. en-us Tue, 29 Oct 1985 00:00:00 +0530 Thu, 04 Feb 2010 17:54:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26411 A loan or advance to a shareholder is treated as deemed dividend under section 2(6A)(e) of the Indian Income-tax Act, 1922 only to the extent of accumulated profits existing on the date of each advance. Current profits cannot be counted as accumulated profits for this purpose. As the tax authority did not compute the deemed dividend by reference to accumulated profits on each loan date, the assessments could not stand, and the issue was answered in favour of the assessee. Case-Laws Income Tax Tue, 29 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26411