https://www.taxtmi.com/caselaws?id=37362 Advances made to Hindu undivided families were not taxable as deemed income under section 2(6A)(e) of the Indian Income-tax Act, 1922 because the provision applied only where the loan or advance was made to a shareholder. Although the shareholders were the respective kartas of the Hindu undivided families, the families themselves were not shareholders, so the statutory condition for deemed dividend treatment was not met. The question of accumulated profits became academic once shareholder status failed, and the amounts could not be brought to tax under the provision. en-us Fri, 24 Feb 1978 00:00:00 +0530 Mon, 29 Mar 2010 12:32:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37362 Advances made to Hindu undivided families were not taxable as deemed income under section 2(6A)(e) of the Indian Income-tax Act, 1922 because the provision applied only where the loan or advance was made to a shareholder. Although the shareholders were the respective kartas of the Hindu undivided families, the families themselves were not shareholders, so the statutory condition for deemed dividend treatment was not met. The question of accumulated profits became academic once shareholder status failed, and the amounts could not be brought to tax under the provision. Case-Laws Income Tax Fri, 24 Feb 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37362