Loan or advances to shareholder which further benefits company not covered within ambit of deemed dividend

Bineeta Singh Vs ACIT (ITAT Delhi)

Held that if such loan or advances given to such shareholder as a consequence of any further consideration, which is beneficial to the company received from such shareholder then in such advance or loan cannot be said to be deemed dividend within the ambit of section 2(22)(e) of the Act.

Facts- Assesee took loan from BTB Marketing Pvt. Ltd., against residential property of Shri Rahul Singh, who also a Director of BTB Marketing Pvt. Ltd. a

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