https://www.taxtmi.com/caselaws?id=215799 The ITAT dismissed the Revenue's appeal, upholding the CIT(A)'s decision to delete the addition made on account of deemed dividend under section 2(22)(e). The ITAT emphasized that the transaction between the assessee and the company was for business purposes, not as a dividend, citing commercial expediency and relevant case laws. The ITAT concluded that the loan given to the shareholder did not meet the specific conditions to be deemed as dividend, similar to a precedent from the Calcutta High Court. Thus, the ITAT ruled in favor of the assessee, affirming the deletion of the additions by the Assessing Officer. en-us Thu, 28 Jun 2012 00:00:00 +0530 Sat, 06 May 2017 10:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215799 The ITAT dismissed the Revenue's appeal, upholding the CIT(A)'s decision to delete the addition made on account of deemed dividend under section 2(22)(e). The ITAT emphasized that the transaction between the assessee and the company was for business purposes, not as a dividend, citing commercial expediency and relevant case laws. The ITAT concluded that the loan given to the shareholder did not meet the specific conditions to be deemed as dividend, similar to a precedent from the Calcutta High Court. Thus, the ITAT ruled in favor of the assessee, affirming the deletion of the additions by the Assessing Officer. Case-Laws Income Tax Thu, 28 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215799