Section 2 (22) (e)
This query is : Resolved
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 ?
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).
Citation : - Miss.P.Sarada Vs. CIT (1998) 96 Taxman 11 (SC).
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