https://www.taxtmi.com/caselaws?id=362408 The High Court upheld the decisions of the C.I.T. (Appeals) and the Tribunal, ruling that the sum received by the assessee did not qualify as deemed dividend under Section 2(22)(e) of the Income Tax Act. The Court found that the transactions between the assessee and the company constituted a mutual running current account, with reciprocal demands and benefits, distinguishing them from loans or advances. The Court dismissed the Revenue's appeal, affirming that the sum was not deemed dividend, in line with the findings of the lower appellate authorities. en-us Thu, 03 May 2018 00:00:00 +0530 Tue, 16 Oct 2018 13:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362408 The High Court upheld the decisions of the C.I.T. (Appeals) and the Tribunal, ruling that the sum received by the assessee did not qualify as deemed dividend under Section 2(22)(e) of the Income Tax Act. The Court found that the transactions between the assessee and the company constituted a mutual running current account, with reciprocal demands and benefits, distinguishing them from loans or advances. The Court dismissed the Revenue's appeal, affirming that the sum was not deemed dividend, in line with the findings of the lower appellate authorities. Case-Laws Income Tax Thu, 03 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362408