No deemed dividend on loan given to director for providing collateral & giving personal guarantee to bank

IN THE ITAT CHENNAI BENCH ‘A’ Assistant Commissioner of Income-tax, Company Circle-V(3) V/s. Smt. G. Sreevidya IT APPEAL NO. 1270 (MDS.) OF 2011 [ASSESSMENT YEAR 2006-07] JUNE 28, 2012 ORDER Vikas Awasthy, Judicial Member  The present appeal has been filed by the Revenue impugning the order of the CIT(A)-V, Chennai dated 06.04.2011. 2. The facts in brief of the case are that the assessee had filed return of income relevant to the assessment year 2006-07 on 31.10.2006 declaring total income of Rs. 6,78,056/-. The case of the assessee was selected for scrutiny and n...