https://www.taxtmi.com/caselaws?id=59506 The Tribunal upheld the application of Section 2(22)(e) of the IT Act, treating loans from companies with accumulated profits as deemed dividends. It rejected the arguments regarding the business of moneylending, repayment of loans, and the absence of evidence for deemed dividends in other shareholders' hands. The Tribunal directed the AO to recompute deemed dividends based on accumulated profits up to the date of each loan or advance, following the precedent set by the Ahmedabad Bench. The appeals were partly allowed for statistical purposes, with the matter restored to the AO for recalculation. en-us Fri, 20 Jun 2008 00:00:00 +0530 Mon, 04 Dec 2023 17:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59506 The Tribunal upheld the application of Section 2(22)(e) of the IT Act, treating loans from companies with accumulated profits as deemed dividends. It rejected the arguments regarding the business of moneylending, repayment of loans, and the absence of evidence for deemed dividends in other shareholders' hands. The Tribunal directed the AO to recompute deemed dividends based on accumulated profits up to the date of each loan or advance, following the precedent set by the Ahmedabad Bench. The appeals were partly allowed for statistical purposes, with the matter restored to the AO for recalculation. Case-Laws Income Tax Fri, 20 Jun 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59506