https://www.taxtmi.com/caselaws?id=303475 The court held that the amount received could not be taxed as deemed dividend in the hands of the assessee under Section 2(22)(e) of the Income Tax Act, as the assessee did not qualify as a beneficial shareholder. The court emphasized that deemed dividends can only be taxed in the hands of a shareholder who is both a registered and beneficial owner of shares. Additionally, the court remanded the case to ascertain the accumulated profits and the nature of the loan or advance. en-us Fri, 13 Jul 2012 00:00:00 +0530 Tue, 26 Jul 2022 15:09:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303475 The court held that the amount received could not be taxed as deemed dividend in the hands of the assessee under Section 2(22)(e) of the Income Tax Act, as the assessee did not qualify as a beneficial shareholder. The court emphasized that deemed dividends can only be taxed in the hands of a shareholder who is both a registered and beneficial owner of shares. Additionally, the court remanded the case to ascertain the accumulated profits and the nature of the loan or advance. Case-Laws Income Tax Fri, 13 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303475