https://www.taxtmi.com/caselaws?id=326268 The Appellate Tribunal allowed the appeal filed by the assessee, holding that the advances received were in the nature of trade advances for machinery supply and not deemed dividends under Section 2(22)(e) of the Income Tax Act. The Tribunal found that the increase in shareholding percentage was not relevant to the nature of the transactions. Relying on judicial precedents, the Tribunal deleted the addition of Rs. 1,09,75,000, concluding that the amounts received were for business purposes. en-us Tue, 08 Mar 2016 00:00:00 +0530 Mon, 11 Apr 2016 10:04:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326268 The Appellate Tribunal allowed the appeal filed by the assessee, holding that the advances received were in the nature of trade advances for machinery supply and not deemed dividends under Section 2(22)(e) of the Income Tax Act. The Tribunal found that the increase in shareholding percentage was not relevant to the nature of the transactions. Relying on judicial precedents, the Tribunal deleted the addition of Rs. 1,09,75,000, concluding that the amounts received were for business purposes. Case-Laws Income Tax Tue, 08 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326268