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2013 (12) TMI 903 - AT - Income TaxLoan taken from company - Deemed dividend - Held that:- The assessee has taken loan from the company in which he is substantially interested - Provisions of Section 2(22)(e) were attracted with respect to the loan taken by the assessee as discussed by the CIT in his order u/s 263 - The advance given by the company for purchase of property in the name of assessee also amounts to advance by company to the assessee, therefore, attracts the provisions of Section 2(22)(e) - The amount of deemed dividend cannot be more than accumulated profits - The issue was set aside for fresh adjudication by AO to determine the factual position and the quantum of advance given by the company and deemed dividend.
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