https://www.taxtmi.com/caselaws?id=202936 Advances received from a closely held company for land acquisition and a related lease deposit were outside the scope of deemed dividend under section 2(22)(e) because they were made pursuant to board resolutions, immediately used for the company's property-development projects, and reflected commercial expediency rather than a loan or advance for the assessee's personal benefit. The arrangement of holding land in the assessee's name while development was undertaken by the company was treated as a business arrangement adopted to reduce stamp duty and remain commercially competitive. The lease advance was also characterised as a security deposit. The addition was therefore deleted, except for the amount not in appeal. en-us Fri, 23 Apr 2010 00:00:00 +0530 Fri, 11 Mar 2016 10:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202936 Advances received from a closely held company for land acquisition and a related lease deposit were outside the scope of deemed dividend under section 2(22)(e) because they were made pursuant to board resolutions, immediately used for the company's property-development projects, and reflected commercial expediency rather than a loan or advance for the assessee's personal benefit. The arrangement of holding land in the assessee's name while development was undertaken by the company was treated as a business arrangement adopted to reduce stamp duty and remain commercially competitive. The lease advance was also characterised as a security deposit. The addition was therefore deleted, except for the amount not in appeal. Case-Laws Income Tax Fri, 23 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202936