Deemed dividend

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MURALI (Querist)
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10 April 2014 Dear Sir,

Whether the Service Tax, Income Tax, TDS paid by a company on behalf of a proprietorship concern controlled by a director of the company which pays the taxes will covered by section 2 (22) (e). The tax has been paid by the company because there is no online facility available with the director’s individual bank accounts.
Kindly clarify.
Regards,
Murali

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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10 April 2014 Yes, section 2(22)(e) attracts.
Citation :- CIT Vs. K. Srinivasan [1963] 59 ITR 788. It is a Madras High court decision based on 1922 act.

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