https://www.taxtmi.com/caselaws?id=238005 The Tribunal upheld the CIT(A)'s decision to delete the addition made by the Assessing Officer, ruling that the amounts received by the assessee in the form of Inter Corporate Deposits (ICD) and advances from another company could not be treated as deemed dividend under Section 2(22)(e) of the Income Tax Act. This was because the assessee was not a shareholder in the lending company. The Tribunal cited relevant judicial precedents and dismissed the Department's appeal, affirming that the loans and advances received did not qualify as deemed dividend in the assessee's hands. en-us Mon, 30 Sep 2013 00:00:00 +0530 Mon, 14 Oct 2013 11:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238005 The Tribunal upheld the CIT(A)'s decision to delete the addition made by the Assessing Officer, ruling that the amounts received by the assessee in the form of Inter Corporate Deposits (ICD) and advances from another company could not be treated as deemed dividend under Section 2(22)(e) of the Income Tax Act. This was because the assessee was not a shareholder in the lending company. The Tribunal cited relevant judicial precedents and dismissed the Department's appeal, affirming that the loans and advances received did not qualify as deemed dividend in the assessee's hands. Case-Laws Income Tax Mon, 30 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238005