The Income Tax Appellate Tribunal, Visakhapatnam, recently ruled that advances given to the directors of a Company for purchase of land cannot be treated as ‘deemed dividend’ under section 2(22)(e) of the Income Tax Act,

The Delhi bench of Income Tax Appellate Authority (ITAT) recently held that advance given to protect business interest of assessee –company did not attract provisions of deemed dividend under section 2(22)(e) Income Tax Act 1961.

Income Tax Appellate Tribunal (ITAT), New Delhi deleted addition for deemed dividend on the ground that the transfer of amount for business purposes was made to avoid forfeiture and held that such a transfer is

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that a loan obtained of non-gratuitous nature will not fall under section 2(22)(e) of the Income Tax Act,1961. The assessee, M/s. Jayson Industries

The Income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the payment of high remuneration to Directors cannot be disallowed by treating the same as a tool to shift profits to evade tax if

The Income Tax Appellate Tribunal (ITAT), Chennai bench has held that deemed dividend under section 2(22)(e) applies only to persons who are recipients of loan and shareholders of the Payer Company. During the reassessment of

In a significant ruling, the division bench of the Madras High Court held that the registered shareholders for whose benefit the money was advanced are assessable on deemed dividend. In the common order, the division

The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) has held that the addition for deemed dividend under Section 2(22) of the Income Tax Act,1961 could only be made in the hands of shareholders. The

The Income Tax Appellate Tribunal (ITAT), Chennai bench directed readjudication in respect of addition made towards deemed dividend under Section 2(22)(e) of the Income Tax Act, 1961 received from shareholder company. The assessee Venkatachalam Mohan 

The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) has deleted the addition holding that accumulated profits should be arrived after allowing depreciation as per Income Tax Act, 1961 and not as per companies Act.

The Cochin bench of ITAT in the case of M/s.Kerala Transport Co. Vs. The Asst.Commissioner of Income-tax recently ruled that deemed dividend is assessable from Partners, not from the Firm since they are the beneficial

In the case of DCIT vs. Smt. Sriram Satyavathi, Visakhapatnam bench of Income Tax Appellate Tribunal (ITA) recently held that amount given as security for purchase of flat cannot be treated as ‘deemed dividend’ for

The Delhi bench of Income Tax Appellate Tribunal (ITAT) has recently held that the amount advanced for business transactions between parties would not fall within the definition of deemed dividend under Section 2(22)(e) of the

A two-judge bench of the Supreme Court has upheld the order of the Delhi High Court wherein the Court observed that section 2(22)(e) of the Income Tax Act, 1961 would not attract in a case

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has recently held that the business profits of a financial year gets accrued only at the end of the year, deleting the addition under Section