https://www.taxtmi.com/caselaws?id=249176 The ITAT upheld the CIT(A)'s decision that the advances received by the assessee from M/s Ushodaya Enterprises Ltd. did not qualify as deemed dividend under section 2(22)(e) of the Income Tax Act. Since the assessee was not a shareholder of the company, the deemed dividend provisions could not be applied. The ITAT dismissed the Department's appeals and upheld the CIT(A)'s order, emphasizing that the advances were part of regular trade transactions, not loans, and therefore not subject to deemed dividend taxation. en-us Fri, 13 Jun 2014 00:00:00 +0530 Mon, 07 Jul 2014 18:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249176 The ITAT upheld the CIT(A)'s decision that the advances received by the assessee from M/s Ushodaya Enterprises Ltd. did not qualify as deemed dividend under section 2(22)(e) of the Income Tax Act. Since the assessee was not a shareholder of the company, the deemed dividend provisions could not be applied. The ITAT dismissed the Department's appeals and upheld the CIT(A)'s order, emphasizing that the advances were part of regular trade transactions, not loans, and therefore not subject to deemed dividend taxation. Case-Laws Income Tax Fri, 13 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249176