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ITAT allowed the assessee's appeal, rejecting the Assessing Officer's claim of deemed dividend under Section 2(22)(e). The tribunal found no evidence of personal use of company funds, noting the cash seized belonged to the company and was held in a fiduciary capacity. The board resolution supporting the assessee's role as custodian was deemed relevant, and the land purchase was proven to be made through banking channels, not company cash. Consequently, the conditions for invoking Section 2(22)(e) were not satisfied, thereby dismissing the deemed dividend assessment.
ITAT allowed the assessee's appeal, rejecting the Assessing Officer's claim of deemed dividend under Section 2(22)(e). The tribunal found no evidence of personal use of company funds, noting the cash seized belonged to the company and was held in a fiduciary capacity. The board resolution supporting the assessee's role as custodian was deemed relevant, and the land purchase was proven to be made through banking channels, not company cash. Consequently, the conditions for invoking Section 2(22)(e) were not satisfied, thereby dismissing the deemed dividend assessment.
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