Repayment of Own Deposit ≠ Deemed Dividend; 2(22)(e) Not Attracted

Anang Kunjviharibhai Shah Vs ITO (ITAT Ahmedabad)

The ITAT, Ahmedabad Bench held that repayment/withdrawal of a shareholder’s own deposit lying with the company cannot be treated as deemed dividend u/s 2(22)(e). In this case (AY 2015-16), the assessee—Managing Director holding 57% shares—had a credit balance of

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