1997 (12) TMI 1 - SC - Income Tax

There is no dispute that the assessee had withdrawn various sums of money, when she did not have any credit balance with the company. In order to pay her these sums of money the account of Mahesh was not debited at all. The entire credit balance of Mahesh stood as it was till the very last day of the accounting year - withdrawals made by the assessee from Universal Radiators Private Limited totaling Rs. 93,027 should be assessed in the hands of the assessee u/s 2(22)(e)