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Section 2 (22) (e)

This query is : Resolved 
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(Querist)
18 September 2009 My client has paid Rs.955000 to a director as loan. Now for me , is there any remedy available to save I-tax liability of the Director ?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
18 September 2009 No remedy because even if the loan or advance ceased to be outstanding at the end of the previous year, it can still be a deemed dividend if the other four conditions factually exist to the extent of the accumulated profits possessed by the company.

Citation : - Miss.P.Sarada Vs. CIT (1998) 96 Taxman 11 (SC).
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