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1972 (4) TMI 18 - HC - Income TaxAssessee is admittedly a registered shareholder of the company with 500 partly paid up shares, and any loan taken by her from the company has to be deemed to be a dividend from the company so as to attract section 2(6A)(e) - It is also not in dispute that only if the amount of Rs. 12,500 being the call-monies due by the assessee is taken as a loan from the company, section 2(6A)(e) will stand attracted. But, the question is whether the debit and credit entries made in relation to the assessee's liability for Rs. 12,500 towards the arrears of call-monies due by her could be treated as a loan without the actual flow of money from the company to the shareholder – held that mere adjustment of book entries could not be treated as "payment by way of loan by the company to its shareholders"
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