https://www.taxtmi.com/caselaws?id=190153 The Calcutta High Court and Chennai Tribunal held that a temporary advance given by an Assessee to a company, in return for an advantage conferred upon the company, does not qualify as deemed dividend under section 2(22)(e). The Appellate Tribunal found that the temporary advance was not gratuitous and benefitted the company. The Tribunal overturned the lower authorities' decisions, ruling that the temporary advance was not deemed dividend due to reciprocal business arrangements. Consequently, the appeal was allowed, and the addition of deemed dividend was deleted. en-us Wed, 27 Jan 2016 00:00:00 +0530 Wed, 08 Feb 2017 09:40:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190153 The Calcutta High Court and Chennai Tribunal held that a temporary advance given by an Assessee to a company, in return for an advantage conferred upon the company, does not qualify as deemed dividend under section 2(22)(e). The Appellate Tribunal found that the temporary advance was not gratuitous and benefitted the company. The Tribunal overturned the lower authorities' decisions, ruling that the temporary advance was not deemed dividend due to reciprocal business arrangements. Consequently, the appeal was allowed, and the addition of deemed dividend was deleted. Case-Laws Income Tax Wed, 27 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190153