https://www.taxtmi.com/caselaws?id=427037 The Tribunal upheld the CIT(A)'s decision, ruling that the transaction was a commercial trade advance and not a deemed dividend under section 2(22)(e) of the Income Tax Act. The appeal by the Revenue was dismissed, affirming that the provisions of section 2(22)(e) did not apply in this case. The Tribunal emphasized that advances made for business purposes, such as the purchase of property, do not fall within the scope of deemed dividend provisions. en-us Mon, 29 Aug 2022 00:00:00 +0530 Wed, 31 Aug 2022 07:02:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427037 The Tribunal upheld the CIT(A)'s decision, ruling that the transaction was a commercial trade advance and not a deemed dividend under section 2(22)(e) of the Income Tax Act. The appeal by the Revenue was dismissed, affirming that the provisions of section 2(22)(e) did not apply in this case. The Tribunal emphasized that advances made for business purposes, such as the purchase of property, do not fall within the scope of deemed dividend provisions. Case-Laws Income Tax Mon, 29 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427037