https://www.taxtmi.com/caselaws?id=461950 The Kerala HC dismissed a writ petition challenging a Settlement Commission order under Section 245D(4) treating loan advances as deemed dividends under Section 2(22)(e). The petitioner obtained loans from companies where he held substantial shareholding and voting rights. The court held that Settlement Commission's jurisdiction is confined to matters covered in the application and undisclosed income only. Since conditions under Section 2(22)(e) were satisfied and petitioner failed to prove loans were for business purposes in ordinary course of business for two years, the advances were correctly treated as deemed dividends. The court cannot interfere with Settlement Commission's factual findings under judicial review. en-us Wed, 21 Feb 2024 00:00:00 +0530 Mon, 09 Jun 2025 17:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461950 The Kerala HC dismissed a writ petition challenging a Settlement Commission order under Section 245D(4) treating loan advances as deemed dividends under Section 2(22)(e). The petitioner obtained loans from companies where he held substantial shareholding and voting rights. The court held that Settlement Commission's jurisdiction is confined to matters covered in the application and undisclosed income only. Since conditions under Section 2(22)(e) were satisfied and petitioner failed to prove loans were for business purposes in ordinary course of business for two years, the advances were correctly treated as deemed dividends. The court cannot interfere with Settlement Commission's factual findings under judicial review. Case-Laws Income Tax Wed, 21 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461950