Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (9) TMI 657 - ITAT BANGALOREDeemed dividend u/s 2(22)(e) - CIT(A) deleted the addition - Held that:- We agree with the findings of the Commissioner of Income-tax (Appeals) that the payments made by the assessee on behalf of the company, for its business purposes and the reimbursement thereof to the assessee by the said company cannot be treated as deemed dividend under section 2(22)(e) of the Act. However, it is seen from the paper book filed by the assessee that some of the payments using his credit card were also towards his personal expenditure. Such payments for personal expenditure, if reimbursed by the company, have to be treated as loans or advances under section 2(22)(e) of the Act. Therefore, we deem it fit and proper to remand the issue to the file of the Assessing Officer only for verification of the personal expenditure reimbursed by the company to the assessee and treat only such expenditure out of the accumulated profits of the assessee as deemed dividend under section 2(22)(e) of the Act. - Decided partly in favour of revenue for statistical purposes.
|