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Deemed Dividend as per sev 2(22)(e)

Court :
Supreme Court

Brief :

Citation :
Mukundray K. Shah Vs. C.I.T

Held by hon'ble court if company had made payment to the firm as a repayment for advances, made earlier, in ordinary course of business and such transactions were properly recorded in the books of all concerned parties, such payments could not be held to have been made for the benefit of the person receiving the income. Thus such income could not be held as deemed dividend u/s 2(22)(e).

Rahul Tibrewal
on 12 March 2008
Published in Income Tax
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