https://www.taxtmi.com/caselaws?id=334046 The Tribunal dismissed the Revenue's appeal and allowed the assessee's appeal. The deemed dividend addition was limited to Rs. 29,80,000/-, the profit from the plot sale was treated as long-term capital gain, the addition for house construction was deleted, and the addition for unrecorded advance payment was also deleted. The Tribunal upheld the CIT(A)'s decisions on all issues, emphasizing that business advances do not fall under deemed dividend provisions. en-us Mon, 03 Oct 2016 00:00:00 +0530 Wed, 02 Nov 2016 18:00:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334046 The Tribunal dismissed the Revenue's appeal and allowed the assessee's appeal. The deemed dividend addition was limited to Rs. 29,80,000/-, the profit from the plot sale was treated as long-term capital gain, the addition for house construction was deleted, and the addition for unrecorded advance payment was also deleted. The Tribunal upheld the CIT(A)'s decisions on all issues, emphasizing that business advances do not fall under deemed dividend provisions. Case-Laws Income Tax Mon, 03 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334046