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2011 (4) TMI 954 - HC - Income TaxDeemed dividend - assessee entitled to both salary and commission of profits - assessing authority found that he has drawn advances both of salary and commission on profits and taxed them as deemed dividend under section 2(22)(e) of the Income-tax Act – Held that:- advance towards salary, which was due to the petitioner and was credited to his account every month could not be treated as deemed dividend, but that the advance of commission on profits over and above that amount drawn during the course of the year before the profits was determined and accrued to the petitioner, would be treated as deemed dividend subject to tax.
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