https://www.taxtmi.com/caselaws?id=65025 The Tribunal ruled in favor of the assessee, determining that the receipt of Rs. 26,00,000 as share application money from M/s. Hoovar Services Pvt. Ltd. was not to be treated as deemed dividend under section 2(22)(e) of the Income-tax Act, 1961. The Tribunal found that the amount was genuinely received as share application money, reflected in the balance sheet, and subsequently adjusted upon share allotment. As such, it was not considered a loan or advance, leading to the deletion of the addition by the Assessing Officer and allowing the assessee's appeal. en-us Tue, 28 Nov 2000 00:00:00 +0530 Fri, 11 Feb 2011 17:29:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65025 The Tribunal ruled in favor of the assessee, determining that the receipt of Rs. 26,00,000 as share application money from M/s. Hoovar Services Pvt. Ltd. was not to be treated as deemed dividend under section 2(22)(e) of the Income-tax Act, 1961. The Tribunal found that the amount was genuinely received as share application money, reflected in the balance sheet, and subsequently adjusted upon share allotment. As such, it was not considered a loan or advance, leading to the deletion of the addition by the Assessing Officer and allowing the assessee's appeal. Case-Laws Income Tax Tue, 28 Nov 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65025