Company which is not in the business of lending of money advance to a share holder who has more than 10 per cent voting power is assessable as deemed dividend. (AY. 2005-06)
Rajesh Kumar v. ACIT (2019) 175 ITD 734 / 181 DTR 79 (Bang.)(Trib.)
S. 2(22)(e) : Deemed dividend-Loan to a share holder–Not in the business of lending of money–Holding more than 10 percent voting power – Assessable as deemed dividend.