https://www.taxtmi.com/caselaws?id=284121 The Tribunal reversed the CIT(A)'s decision, ruling in favor of the assessee. It held that the Rs. 15,00,000/- received as a security deposit and the mutual current account transactions totaling Rs. 8,77,000/- did not qualify as deemed dividends under section 2(22)(e) of the Income Tax Act. The Tribunal emphasized that these transactions were legitimate business dealings and not gratuitous loans or advances to shareholders. Consequently, the addition of Rs. 11,23,551/- as deemed dividend was deleted, and the assessee's appeal was successful. en-us Fri, 06 May 2016 00:00:00 +0530 Sat, 02 Nov 2019 10:11:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284121 The Tribunal reversed the CIT(A)'s decision, ruling in favor of the assessee. It held that the Rs. 15,00,000/- received as a security deposit and the mutual current account transactions totaling Rs. 8,77,000/- did not qualify as deemed dividends under section 2(22)(e) of the Income Tax Act. The Tribunal emphasized that these transactions were legitimate business dealings and not gratuitous loans or advances to shareholders. Consequently, the addition of Rs. 11,23,551/- as deemed dividend was deleted, and the assessee's appeal was successful. Case-Laws Income Tax Fri, 06 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284121