Addition u/s. 2(22)(e) as deemed dividend unsustainable as debit balance was only an inadvertent error

Venkatachalam Mohan Vs JCIT (ITAT Chennai)

ITAT Chennai held that addition u/s. 2(22)(e) towards amount received by shareholder company treating debit balance as deemed dividend unsustainable as debit balance was only because of an inadvertent error and the same was squared off within short period.

Facts- The assessee filed his return of income for A.Y. 2011-12 admitting a total income of Rs. 95,05,280/-. The case was selected for scrutiny and during the course of assessme

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