Amount paid by company on behalf of shareholder re-paid back in short period not a deemed dividend

V. Sriram (HUF) Vs ACIT (OSD) (ITAT Chennai) ITAT Chennai held that amount paid by company on behalf of shareholder which has been subsequently re-paid by the shareholder or his family members either on the same day or within a short period cannot be considered as loan or advance which can be treated as deemed dividend u/s.2(22)(e) of the Act. Facts- AO noticed that the assessee along with Smt.V.Padma (mother of assessee), purchased a flat in Chennai for a total consideration of Rs.7,19,44,048/-. It was further noticed that the assessee’s share of investment works out to Rs.3,59,72,024/-. Th...