AO's Classification of Advances as Business Income Overturned; Deemed Dividend u/s 2(22)(e) Still Applies.

AO's Classification of Advances as Business Income Overturned; Deemed Dividend u/s 2(22)(e) Still Applies. https://www.taxtmi.com/highlights?id=64839 Deemed dividend addition u/s 2(22)(e) - AO’s action treating the advances received from the company as business income already stands deleted. We hold that the same has no bearing on the instant issue of deemed dividend whose application stands sufficiently proved qua the loan and advances coming from the company side to his account. - AT en-us Thu, 28 Jul 2022 09:12:11 +0530 Thu, 28 Jul 2022 09:12:11 +0530 TaxTMI RSS Generator AO's Classification of Advances as Business Income Overturned; Deemed Dividend u/s 2(22)(e) Still Applies. https://www.taxtmi.com/highlights?id=64839 Deemed dividend addition u/s 2(22)(e) - AO’s action treating the advances received from the company as business income already stands deleted. We hold that the same has no bearing on the instant issue of deemed dividend whose application stands sufficiently proved qua the loan and advances coming from the company side to his account. - AT Highlights Income Tax Thu, 28 Jul 2022 09:12:11 +0530 https://www.taxtmi.com/highlights?id=64839