https://www.taxtmi.com/caselaws?id=155063 The Tribunal held that the transaction involving Rs. 1,40,00,000 was not a loan or advance but a circuitous transaction with no net outflow of funds from M/s. Swati Energy and Projects P. Ltd. on the same day. Consequently, the addition of Rs. 1,40,00,000 as deemed dividend under section 2(22)(e) was deleted. Other issues raised by the assessee were dismissed as "not pressed." The appeal in I.T.A. No. 2483/Mum./2011 was allowed in part, while the appeal in I.T.A. No. 6319/Mum./2009 was dismissed. en-us Tue, 31 May 2011 00:00:00 +0530 Fri, 21 Apr 2023 18:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=155063 The Tribunal held that the transaction involving Rs. 1,40,00,000 was not a loan or advance but a circuitous transaction with no net outflow of funds from M/s. Swati Energy and Projects P. Ltd. on the same day. Consequently, the addition of Rs. 1,40,00,000 as deemed dividend under section 2(22)(e) was deleted. Other issues raised by the assessee were dismissed as "not pressed." The appeal in I.T.A. No. 2483/Mum./2011 was allowed in part, while the appeal in I.T.A. No. 6319/Mum./2009 was dismissed. Case-Laws Income Tax Tue, 31 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=155063