https://www.taxtmi.com/caselaws?id=407842 The Commissioner of Income Tax (Appeals) [CIT(A)] deleted the addition of deemed dividend under Section 2(22)(e) made by the Assessing Officer, as the advance was deemed a business advance for property acquisition, benefiting the company. The CIT(A) determined that the ledger accounts indicated a running/current account, not a loan/advance account, and that the advance for property purchase was for business purposes, not personal use. The Tribunal remanded the issue to the Assessing Officer to further examine the purpose of the advance and the property registration, emphasizing that Section 2(22)(e) applies only if the advance solely benefits the shareholder, not the company. en-us Tue, 20 Apr 2021 00:00:00 +0530 Mon, 24 May 2021 16:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407842 The Commissioner of Income Tax (Appeals) [CIT(A)] deleted the addition of deemed dividend under Section 2(22)(e) made by the Assessing Officer, as the advance was deemed a business advance for property acquisition, benefiting the company. The CIT(A) determined that the ledger accounts indicated a running/current account, not a loan/advance account, and that the advance for property purchase was for business purposes, not personal use. The Tribunal remanded the issue to the Assessing Officer to further examine the purpose of the advance and the property registration, emphasizing that Section 2(22)(e) applies only if the advance solely benefits the shareholder, not the company. Case-Laws Income Tax Tue, 20 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407842