https://www.taxtmi.com/caselaws?id=379227 The Tribunal directed the Assessing Officer to delete the addition of Rs. 14,11,762 as deemed dividend under section 2(22)(e) of the Income-tax Act, 1961. The Tribunal considered the nature of the transaction as a business deal, supported by a CBDT Circular and court precedents, and found that the amount received was an advance against the sale of property, not falling under the definition of deemed dividend. Consequently, the appeal filed by the assessee was allowed, overturning the Commissioner of Income Tax [Appeals] order confirming the addition. en-us Fri, 26 Apr 2019 00:00:00 +0530 Tue, 30 Apr 2019 08:05:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379227 The Tribunal directed the Assessing Officer to delete the addition of Rs. 14,11,762 as deemed dividend under section 2(22)(e) of the Income-tax Act, 1961. The Tribunal considered the nature of the transaction as a business deal, supported by a CBDT Circular and court precedents, and found that the amount received was an advance against the sale of property, not falling under the definition of deemed dividend. Consequently, the appeal filed by the assessee was allowed, overturning the Commissioner of Income Tax [Appeals] order confirming the addition. Case-Laws Income Tax Fri, 26 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379227