https://www.taxtmi.com/caselaws?id=120407 The Tribunal ruled that the sum of Rs. 30 lakhs received by the assessee from M/s. Alliance Merchandising Co. Pvt. Ltd. did not constitute a "deemed dividend" under Section 2(22)(e) of the Income-tax Act. It determined that the amount was an imprest for a specific business purpose, supported by Board resolutions, and not a loan or advance for personal benefit. The transaction was in the ordinary course of business and did not confer individual benefit to the shareholder. Consequently, the addition made by the Assessing Officer was deleted, and the assessee's appeal was allowed. en-us Fri, 12 Sep 2008 00:00:00 +0530 Wed, 22 Nov 2023 14:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120407 The Tribunal ruled that the sum of Rs. 30 lakhs received by the assessee from M/s. Alliance Merchandising Co. Pvt. Ltd. did not constitute a "deemed dividend" under Section 2(22)(e) of the Income-tax Act. It determined that the amount was an imprest for a specific business purpose, supported by Board resolutions, and not a loan or advance for personal benefit. The transaction was in the ordinary course of business and did not confer individual benefit to the shareholder. Consequently, the addition made by the Assessing Officer was deleted, and the assessee's appeal was allowed. Case-Laws Income Tax Fri, 12 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120407