Account showing movement of funds both ways between the creditor and debtor of the company. Tribunal held that a debit as a result of transactions in such current account cannot be treated as deemed dividend. (AY. 2010-11)
Ravindra R. Fotedar v. ACIT (2018) 192 TTJ 938 (Mum.)(Trib.)
S. 2(22)(e):Deemed dividend- account showing movement of funds both ways between a debtor and a creditor – Held, current account transaction and therefore, S. 2(22)(e) would not apply.