https://www.taxtmi.com/caselaws?id=251334 The Tribunal ruled in favor of the assessee by deleting the addition of Rs. 32,74,635 as deemed dividend under section 2(22)(e) of the Income Tax Act. It was found that the amount collected by the assessee on behalf of the company did not qualify as a loan or advance. Additionally, the Tribunal directed the Assessing Officer to reassess the consolidated net balance in the individual accounts of the assessee and consider the account of the firm separately in the case of the Rs. 23,16,678 addition, resulting in a partial allowance of the appeal. en-us Fri, 05 Sep 2014 00:00:00 +0530 Thu, 11 Sep 2014 08:21:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=251334 The Tribunal ruled in favor of the assessee by deleting the addition of Rs. 32,74,635 as deemed dividend under section 2(22)(e) of the Income Tax Act. It was found that the amount collected by the assessee on behalf of the company did not qualify as a loan or advance. Additionally, the Tribunal directed the Assessing Officer to reassess the consolidated net balance in the individual accounts of the assessee and consider the account of the firm separately in the case of the Rs. 23,16,678 addition, resulting in a partial allowance of the appeal. Case-Laws Income Tax Fri, 05 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=251334