https://www.taxtmi.com/caselaws?id=429885 The tribunal allowed the appeal, ruling in favor of the assessee, emphasizing that only the peak credit balance should be considered for determining deemed dividend under section 2(22)(e) of the Income Tax Act, 1961. The tribunal set aside the order passed under section 263 of the Act, disagreeing with the Principal Commissioner's view that each overdrawn balance should be treated as a separate withdrawal for calculating deemed dividend. en-us Wed, 19 Oct 2022 00:00:00 +0530 Tue, 18 Apr 2023 11:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429885 The tribunal allowed the appeal, ruling in favor of the assessee, emphasizing that only the peak credit balance should be considered for determining deemed dividend under section 2(22)(e) of the Income Tax Act, 1961. The tribunal set aside the order passed under section 263 of the Act, disagreeing with the Principal Commissioner's view that each overdrawn balance should be treated as a separate withdrawal for calculating deemed dividend. Case-Laws Income Tax Wed, 19 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429885