https://www.taxtmi.com/caselaws?id=359008 The Tribunal ruled in favor of the assessee, holding that the advances received for business purposes did not constitute deemed dividends under Section 2(22)(e) of the Income Tax Act, 1961. The Tribunal emphasized that transactions involving advances for genuine business activities should not be treated as deemed dividends aimed at preventing tax avoidance. By referencing legal precedents and interpreting the term "advance" in conjunction with the provision, the Tribunal concluded that the addition of the advance amount to the assessee's income was incorrect. Consequently, the Tribunal allowed the appeal and directed the deletion of the addition from the assessee's income. en-us Fri, 09 Mar 2018 00:00:00 +0530 Thu, 16 Aug 2018 15:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359008 The Tribunal ruled in favor of the assessee, holding that the advances received for business purposes did not constitute deemed dividends under Section 2(22)(e) of the Income Tax Act, 1961. The Tribunal emphasized that transactions involving advances for genuine business activities should not be treated as deemed dividends aimed at preventing tax avoidance. By referencing legal precedents and interpreting the term "advance" in conjunction with the provision, the Tribunal concluded that the addition of the advance amount to the assessee's income was incorrect. Consequently, the Tribunal allowed the appeal and directed the deletion of the addition from the assessee's income. Case-Laws Income Tax Fri, 09 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359008