Case Law Details
Case Name : ACIT Vs Shri Gurdeep Singh (ITAT Chandigarh)
Related Assessment Year : 2013-14
Courts :
All ITAT ITAT Chandigarh
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ACIT Vs Shri Gurdeep Singh (ITAT Chandigarh)
The intention behind enacting provisions of section 2(22) (e) are that closely held companies (i.e. companies in which public are not substantially interested), which are controlled by a group of members, even though the company has accumulated profits would not distribute such profit as dividend because if so distributed the dividend income would became taxable in the hands of the shareholders. Instead of distributing accumulated profits as dividend, companies distribute them as loan or adva
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