https://www.taxtmi.com/caselaws?id=412459 The Tribunal ruled that the payment for the property by M/s. Spandan Diagnostic Centre Pvt. Ltd. did not amount to a deemed dividend under Section 2(22)(e) of the Income Tax Act. The property purchase in the director's name was deemed for the company's benefit, not constituting a loan or advance to the director. Consequently, the addition of Rs. 78,41,566/- to the assessee's income was removed, and the appeal was successful, supported by consistent accounting practices and commercial justifications. en-us Wed, 15 Sep 2021 00:00:00 +0530 Sat, 18 Sep 2021 08:10:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412459 The Tribunal ruled that the payment for the property by M/s. Spandan Diagnostic Centre Pvt. Ltd. did not amount to a deemed dividend under Section 2(22)(e) of the Income Tax Act. The property purchase in the director's name was deemed for the company's benefit, not constituting a loan or advance to the director. Consequently, the addition of Rs. 78,41,566/- to the assessee's income was removed, and the appeal was successful, supported by consistent accounting practices and commercial justifications. Case-Laws Income Tax Wed, 15 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412459