Court Upholds Firm's Retained Funds as Deemed Dividends u/s 2(22)(e) of Income Tax Act.

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....Deemed dividend u/s 2(22)(e) - The amount collected by the firm belongs to the company concerned. This amount is to be sent by the firm to the company promptly along with statement of account but the same was not done properly - Assessee deliberately retained or allowed to be retained the funds in the firm - held as deemed dividend - HC....