Where assessee, a managing director and substantial shareholder in company, received an advance of Rs. 71 lakhs purportedly for execution of machining job work but admitted that he had utilised the amount for payment of his personal income-tax liability under Kar Vivad Samadhan Scheme, and the advance was subsequently returned to company within the year, the key consideration was the purpose for which advance was actually utilised and not merely the purpose for which it was initially given; since advance was utilised for payment of assessee’s personal tax and not for execution of job work, same was rightly treated as deemed dividend under section 2(22)(e). (AY. 1995-96)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 2(22)(e) : Deemed dividend-Business advance-Utilised for payment of assessee’s personal tax under Kar Vivad Samadhan Scheme, and not for execution of job work; the same was rightly treated as deemed dividend-Order of Tribunal affirmed. [S.260A]. <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-65022","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-gUK","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/65022","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=65022"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/65022\/revisions"}],"predecessor-version":[{"id":65023,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/65022\/revisions\/65023"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=65022"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=65022"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=65022"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}