Dismissing the appeal of the assessee , the Court held that the Tribunal having found that the alleged agreement to sell land was a merely cover up to camouflage for giving loan to the assessee accordingly assessing the advance to Director as deemed dividend is held to be justified . ( AY. 2010-11)
Vikram Krishna v. PCIT (2020) 114 taxmann.com 196 ( Delhi) (HC) Editorial: SLP of assessee is dismissed , Vikram Krishna v. PCIT (2020)269 Taxman 477/ 114 taxmann.com 197 (SC)
S. 2(22)(e):Deemed dividend – Director – No evidence to prove that the advance was in respect of sale of land – Addition as deemed dividend is held to be justified .