Court Rules Loan to Shareholder for Company Benefit Not Deemed Dividend Under Income Tax Act Section 2(22)(e.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Deemed dividend addition u/s 2(22)(e) - assessee purchase of adjacent old residential house in her own name but the payment was made through the bank account of the Company - if loan or advance is given to a shareholder as a consequence of any further consideration which is beneficial to the company, in such a case such loan or advance cannot be said to be deemed dividend within the meaning of the Act. - Additions deleted - AT....