Loan given to shareholder not a deemed dividend

Archana Sharma Vs DCIT (ITAT Delhi)

Held that if a loan or advance is given to a shareholder as a consequence of any consideration which is beneficial to the company, in such a case, the advance or loan cannot be said to be a deemed dividend.

Facts- During the course of assessment proceedings, AO noticed that assessee had purchased a property for Rs.3,60,00,000/- for the purpose of expansion of Ganesh Hospital Pvt. Ltd. of which the assessee was a promoter. AO noted that a

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