https://www.taxtmi.com/caselaws?id=354257 The ITAT dismissed the appeals, upholding the CIT(A)'s decision to delete the addition of deemed dividend under section 2(22)(e) of the Income Tax Act, 1961. The ITAT found that the transactions in question were related to sale and purchase, not finance or loan transactions, based on the examination of seized materials and sale deeds. The promissory notes were deemed as security for payments made, leading to the conclusion that the amounts were not deemed dividends to the assessee. en-us Fri, 19 Jan 2018 00:00:00 +0530 Sat, 20 Jan 2018 17:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354257 The ITAT dismissed the appeals, upholding the CIT(A)'s decision to delete the addition of deemed dividend under section 2(22)(e) of the Income Tax Act, 1961. The ITAT found that the transactions in question were related to sale and purchase, not finance or loan transactions, based on the examination of seized materials and sale deeds. The promissory notes were deemed as security for payments made, leading to the conclusion that the amounts were not deemed dividends to the assessee. Case-Laws Income Tax Fri, 19 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354257