https://www.taxtmi.com/caselaws?id=351782 The Tribunal ruled in favor of the assessee, deleting the addition of Rs. 1,67,00,000 as deemed dividend under Section 2(22)(e) of the Income Tax Act, 1961. The Tribunal determined that the payment received was a trade advance for business purposes, supported by credible evidence such as agreements and board resolutions. This decision aligned with the CBDT Circular No. 19/2017, stating that trade advances in the nature of commercial transactions do not qualify as deemed dividends, ultimately allowing the appeal and resolving the disputed demand. en-us Wed, 29 Nov 2017 00:00:00 +0530 Mon, 08 Aug 2022 15:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351782 The Tribunal ruled in favor of the assessee, deleting the addition of Rs. 1,67,00,000 as deemed dividend under Section 2(22)(e) of the Income Tax Act, 1961. The Tribunal determined that the payment received was a trade advance for business purposes, supported by credible evidence such as agreements and board resolutions. This decision aligned with the CBDT Circular No. 19/2017, stating that trade advances in the nature of commercial transactions do not qualify as deemed dividends, ultimately allowing the appeal and resolving the disputed demand. Case-Laws Income Tax Wed, 29 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351782