https://www.taxtmi.com/caselaws?id=27360 The High Court held that the withdrawals made by the assessee from M/s. Universal Radiators Private Limited were from the company's funds, not from an individual's credit, as entries were made only at the end of the accounting year. The Court determined that the excess withdrawals should be treated as loans or advances under section 2(22)(e) of the Income-tax Act, ruling against the assessee and awarding costs to the Revenue. en-us Tue, 03 Jul 1984 00:00:00 +0530 Fri, 12 Feb 2010 13:19:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27360 The High Court held that the withdrawals made by the assessee from M/s. Universal Radiators Private Limited were from the company's funds, not from an individual's credit, as entries were made only at the end of the accounting year. The Court determined that the excess withdrawals should be treated as loans or advances under section 2(22)(e) of the Income-tax Act, ruling against the assessee and awarding costs to the Revenue. Case-Laws Income Tax Tue, 03 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27360