https://www.taxtmi.com/caselaws?id=310994 ITAT HC upheld deemed dividend treatment under section 2(22)(e) for loan received by assessee-director from company. Assessee received Rs. 2,59,000 loan from company where he held over 10% shares. Despite assessee's claim that company's profit was notional, ITAT found all conditions satisfied as company had accumulated profit of Rs. 98,907.61. Addition restricted to accumulated profit amount rather than full loan. Separate outstanding liability issue remanded to AO for verification whether it represented genuine car purchase transaction rather than deemed dividend. en-us Fri, 28 Nov 2014 00:00:00 +0530 Fri, 01 Dec 2023 09:30:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310994 ITAT HC upheld deemed dividend treatment under section 2(22)(e) for loan received by assessee-director from company. Assessee received Rs. 2,59,000 loan from company where he held over 10% shares. Despite assessee's claim that company's profit was notional, ITAT found all conditions satisfied as company had accumulated profit of Rs. 98,907.61. Addition restricted to accumulated profit amount rather than full loan. Separate outstanding liability issue remanded to AO for verification whether it represented genuine car purchase transaction rather than deemed dividend. Case-Laws Income Tax Fri, 28 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310994