https://www.taxtmi.com/caselaws?id=406740 The ITAT upheld the CIT(A)'s decision that loans and advances between an individual and his company did not constitute deemed dividends under section 2(22)(e) of the Income Tax Act, 1961. The court emphasized the need for a strict interpretation of the provision and ruled that the transaction did not fall within its scope, as it was for mutual business benefit and not for the distribution of accumulated profits. Consequently, the Revenue's appeal was dismissed, and the addition made by the AO under section 2(22)(e) was deleted. en-us Fri, 09 Apr 2021 00:00:00 +0530 Thu, 22 Apr 2021 08:48:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406740 The ITAT upheld the CIT(A)'s decision that loans and advances between an individual and his company did not constitute deemed dividends under section 2(22)(e) of the Income Tax Act, 1961. The court emphasized the need for a strict interpretation of the provision and ruled that the transaction did not fall within its scope, as it was for mutual business benefit and not for the distribution of accumulated profits. Consequently, the Revenue's appeal was dismissed, and the addition made by the AO under section 2(22)(e) was deleted. Case-Laws Income Tax Fri, 09 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406740