https://www.taxtmi.com/caselaws?id=271333 The Tribunal held that the advance of Rs. 51,00,000 from Star Engineers (India) Pvt. Ltd. to Mercury Circuits Pvt. Ltd. was a business transaction and not a loan. Therefore, the amount was not deemed dividend under section 2(22)(e) of the Income Tax Act, 1961. The Tribunal directed the Assessing Officer to delete the addition of Rs. 51,00,000 as deemed dividend, allowing the appeal of the assessee. The decision emphasized that business advances should not be considered loans for the purpose of section 2(22)(e). en-us Wed, 27 Jan 2016 00:00:00 +0530 Tue, 02 Feb 2016 10:13:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271333 The Tribunal held that the advance of Rs. 51,00,000 from Star Engineers (India) Pvt. Ltd. to Mercury Circuits Pvt. Ltd. was a business transaction and not a loan. Therefore, the amount was not deemed dividend under section 2(22)(e) of the Income Tax Act, 1961. The Tribunal directed the Assessing Officer to delete the addition of Rs. 51,00,000 as deemed dividend, allowing the appeal of the assessee. The decision emphasized that business advances should not be considered loans for the purpose of section 2(22)(e). Case-Laws Income Tax Wed, 27 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271333