https://www.taxtmi.com/caselaws?id=789771 A shareholder's debit balance in a closely held company's books was held chargeable as deemed dividend under section 2(22)(e) because the assessee held substantial shareholding and the account showed a net debit balance, so the basic charge was sustained. However, for computing the extent of the deemed dividend, the Tribunal accepted that the account was a running account and that accrued interest could not be ignored for the entire period. The net debit balance was therefore directed to be recomputed on a day-to-day basis after giving credit for accrued interest, with an opportunity of hearing to the assessee. en-us Fri, 10 Apr 2026 00:00:00 +0530 Tue, 14 Apr 2026 08:03:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=789771 A shareholder's debit balance in a closely held company's books was held chargeable as deemed dividend under section 2(22)(e) because the assessee held substantial shareholding and the account showed a net debit balance, so the basic charge was sustained. However, for computing the extent of the deemed dividend, the Tribunal accepted that the account was a running account and that accrued interest could not be ignored for the entire period. The net debit balance was therefore directed to be recomputed on a day-to-day basis after giving credit for accrued interest, with an opportunity of hearing to the assessee. Case-Laws Income Tax Fri, 10 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=789771