Supreme Court · 1997 INSC 800 · Decided 9 December 1997
P. Sarada v. Commissioner of Income Tax (Central)
- Court
- Supreme Court of India
- Citation
- 1997 INSC 800 · [1997] SUPP. 6 S.C.R. 325
- Case number
- CIVIL APPEAL No. 649/1987
- Decided
- 9 December 1997
- Bench
- S.C. SEN, K. VENKATASWAMI (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 2(22)(e), 256(1)
Headnote
Income Tax Act, 1961: Section 2(22)(e). A B Income Ta~Deemed Divide11d-AY 1973-74-Assessee was C shareholder in a p1ivate limited company and had a rn1111i11g account with it-Assessee overdrew from this account-Held: Such overdrawal amounted to deemed divide11d-Subseque11t repayment or com­ pany and had a running account with it. During the accounting year D relevant to the assessment year 1973-74 between the period 3.7.1972 and 223.1973 the assessee had withdrawn a total sum of Rs. 93,027. At the material time the assessee did not have any credit balance in her account
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