Section 2(22)(e) Addition Deleted for Bank Loan Secured by Personal Guarantee

Maheshbhai Niranjanbhai Vyas Vs DCIT (ITAT Ahmedabad) Loan Received Against Director’s Personal Guarantees is Not Deemed Dividend — CBDT Circular 19/2017 & Earlier CIT(A) Order Followed; Sec. 2(22)(e) Addition Deleted In this appeal, Maheshbhai Niranjanbhai Vyas challenged the reassessment addition of ₹13,46,792/- made as deemed dividend u/s 2(22)(e). The Assessee, holding more than 10% shares in Nandsai Steel Pvt. Ltd., had received a loan during AY 2014-15. Based on this, the AO reopened the assessment u/s 148 on 23.07.2018. The Assessee filed the return admitting the original inco...