https://www.taxtmi.com/caselaws?id=267776 The Tribunal allowed the Revenue's appeal after condoning a one-day delay due to a postal issue. Regarding the classification of payments, the Tribunal upheld that the transactions were trade advances, not deemed dividends under section 2(22)(e) of the Act. It was ruled that deemed dividend could only be assessed in the hands of a shareholder of the lending company, not a non-shareholder like the assessee firm. Consequently, the Tribunal dismissed the Revenue's appeal, affirming the decision of the Commissioner of Income Tax (Appeals). en-us Wed, 30 Sep 2015 00:00:00 +0530 Sat, 14 Nov 2015 12:15:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267776 The Tribunal allowed the Revenue's appeal after condoning a one-day delay due to a postal issue. Regarding the classification of payments, the Tribunal upheld that the transactions were trade advances, not deemed dividends under section 2(22)(e) of the Act. It was ruled that deemed dividend could only be assessed in the hands of a shareholder of the lending company, not a non-shareholder like the assessee firm. Consequently, the Tribunal dismissed the Revenue's appeal, affirming the decision of the Commissioner of Income Tax (Appeals). Case-Laws Income Tax Wed, 30 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267776