https://www.taxtmi.com/caselaws?id=301797 The ITAT upheld the CIT(A)'s decision to exclude journal entries from the computation of deemed dividend under Section 2(22)(e) of the Income Tax Act. The ITAT affirmed that the transactions in question were not genuine business transactions but were structured to circumvent land holding restrictions. The appeal filed by the revenue challenging the deletion of the addition made on account of deemed dividend was dismissed, emphasizing that Section 2(22)(e) applies only to actual payments and not notional payments or book entries. en-us Tue, 21 Dec 2021 00:00:00 +0530 Wed, 20 Apr 2022 20:11:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301797 The ITAT upheld the CIT(A)'s decision to exclude journal entries from the computation of deemed dividend under Section 2(22)(e) of the Income Tax Act. The ITAT affirmed that the transactions in question were not genuine business transactions but were structured to circumvent land holding restrictions. The appeal filed by the revenue challenging the deletion of the addition made on account of deemed dividend was dismissed, emphasizing that Section 2(22)(e) applies only to actual payments and not notional payments or book entries. Case-Laws Income Tax Tue, 21 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301797