https://www.taxtmi.com/caselaws?id=270292 Amounts transferred between the two concerns were treated on facts as current adjustment entries, not loans or advances, because the account showed frequent debit and credit movements in both directions on a need basis. As a result, the transactions were held outside the scope of deemed dividend under section 2(22)(e) of the Income-tax Act, and the basis for liability under section 201 did not survive. The issue was therefore answered against the Revenue and in favour of the assessee. en-us Mon, 21 Dec 2015 00:00:00 +0530 Sat, 02 Jan 2016 10:14:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270292 Amounts transferred between the two concerns were treated on facts as current adjustment entries, not loans or advances, because the account showed frequent debit and credit movements in both directions on a need basis. As a result, the transactions were held outside the scope of deemed dividend under section 2(22)(e) of the Income-tax Act, and the basis for liability under section 201 did not survive. The issue was therefore answered against the Revenue and in favour of the assessee. Case-Laws Income Tax Mon, 21 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270292