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Income Tax - Highlights / Catch Notes

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Deemed dividend u/s 2(22)(e) - Considering the fact that the ...

Income Tax

November 7, 2022

Deemed dividend u/s 2(22)(e) - Considering the fact that the transactions of the assessee with the said company are in the nature of current account transactions with repeated receipt and payment to the said company, the loans are repeatedly being paid back by the assessee within a few days itself and therefore it is only the peak credit which is to be considered for determining the amount advanced to the assessee qualifying as deemed dividend. - AT

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