Deemed Dividend provision attracted on Loan Taken to pay Salary

Dinesh Kumar Agarwal Vs. Income-tax Officer (ITAT Hyderabad) Assessee is an individual running a proprietary business in the name of V3 Staffing Solutions providing manpower services mainly to Google India Pvt. Ltd. Along with his wife Nisha Agarwal commenced closely held companies in the name of M/s Life Science Mechanics Pvt. Ltd. and M/s V3 Staffing Solutions Pvt. Ltd., which are also in the business of providing manpower services, holding 50% shares in each company. During the AY under consideration, assessee has taken loans from the closely held companies for the purpose of discharging pa...