Dismissing the appeal of the revenue the Court held that , transactions between shareholder and company were in nature of current account addition cannot be made as deemed dividend .( AY.2009 -10)
CIT v. Gayatri Chakraborty. (2018) 407 ITR 730/ 256 Taxman 156 / 303 CTR 541/ 168 DTR 91 (Cal) (HC)
S. 2(22)(e):Deemed dividend-Current account- Advance to share holder – Transactions between shareholder and company were in nature of current account addition cannot be made as deemed dividend .