https://www.taxtmi.com/caselaws?id=198060 The appeal challenged the assessment of deemed dividend u/s. 2(22)(e) of the Act on an advance received by a partnership firm from a closely held company. The court held that as the partners of the firm held shares in the lending company, the deemed dividend cannot be assessed in the firm's hands. The assessment u/s. 2(22)(e) in the firm's hands was directed to be deleted. Regarding the disallowance of ESI claim, the matter was restored back to the Assessing Officer for reexamination as the specific payment dates were not provided, following relevant legal precedents. The appeal by the assessee was treated as allowed for statistical purposes. en-us Fri, 11 Jan 2013 00:00:00 +0530 Mon, 22 Jan 2018 12:58:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198060 The appeal challenged the assessment of deemed dividend u/s. 2(22)(e) of the Act on an advance received by a partnership firm from a closely held company. The court held that as the partners of the firm held shares in the lending company, the deemed dividend cannot be assessed in the firm's hands. The assessment u/s. 2(22)(e) in the firm's hands was directed to be deleted. Regarding the disallowance of ESI claim, the matter was restored back to the Assessing Officer for reexamination as the specific payment dates were not provided, following relevant legal precedents. The appeal by the assessee was treated as allowed for statistical purposes. Case-Laws Income Tax Fri, 11 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198060