Section 2(22) of the Income-tax Act, 1961 - Deemed dividend (Loans and advances to shareholders) - Assessment year 2001-02 - Assessee, proprietor of CPD, entered into an agreement with CHPL sub-contracting construction work to it - CPD was a shareholder in CHPL, a closely held company, holding substantial voting rights - CHPL gave credit to assessee by virtue of contractual obligation and business transaction which was settled in very next year - No individual benefit accrued to assessee - Whether amount having been given by CHPL as a part of contractual obligation could be treated as deemed dividend in hands of assessee - Held, no [Para 9] [In favour of assessee]
