Deemed Dividend – Accumulated profit includes Profit up to date of payment

Sanjay Subhashchand Gupta Vs ACIT (ITAT Mumbai)

As per the provisions of section 2(22)(e), loan or advance paid by a company shall be considered as deemed dividend on fulfillment of following conditions (i) the company must be a company in which the public is not substantially interested; (ii) such a company has given advance or loan: (iii) such payment has been made to a shareholder: and (iv) such shares hold not less than 10% of the voting power. From the facts available on record, it is evident that both

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