Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (1) TMI 1242 - AT - Income TaxDeemed dividend u/s 2(22)(e) - Held that:- This is not the case where a temporary advance is given to the assessee without a reciprocal business arrangements. It was not a gratuitous act. Providing personal guarantee, by itself is an act which benefitted the company by way of grant of loan and cast a legal obligation on the assessee. Providing assets as collateral security is only an act in furtherance to personal guarantee. Thus agree with the contentions of the assessee and delete the addition in question. - Decided in favour of assessee
|