HC remanded matter to check whether loan given to discharge bank guarantee obligations can be termed as deemed dividend

INCOME TAX : Where Tribunal held that monies advanced by company 'GIPL' to company 'PL' under an agreement was deemed dividend in hands of assessee who was shareholder in both of these companies and assessee contended that said loan was given by 'GIPL' for discharging of its bank loan by 'PL' so as to free GIPL from its bank guarantee obligation for said loan and that such amount was not given by 'GIPL' to 'PL' for personal benefit of directors and shareholders,

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