https://www.taxtmi.com/caselaws?id=308354 The Tribunal correctly dismissed the appeal against the deletion of the addition made as deemed dividend under Section 2(22)(e) of the Income Tax Act, 1961. The court found that the transaction in question was related to the purchase of property, not a loan, supported by documentary evidence including a Memorandum of Understanding and a cheque for the advance. The appellant's argument that the finding was perverse was rejected as the evidence aligned with the conclusion reached by the authorities. Additionally, the appellant failed to provide evidence to suggest the transaction was part of a series of monetary transactions rather than a single transaction for property purchase. The appeal was ultimately dismissed based on the evidence presented. en-us Tue, 13 Aug 2019 00:00:00 +0530 Mon, 19 Jun 2023 21:42:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308354 The Tribunal correctly dismissed the appeal against the deletion of the addition made as deemed dividend under Section 2(22)(e) of the Income Tax Act, 1961. The court found that the transaction in question was related to the purchase of property, not a loan, supported by documentary evidence including a Memorandum of Understanding and a cheque for the advance. The appellant's argument that the finding was perverse was rejected as the evidence aligned with the conclusion reached by the authorities. Additionally, the appellant failed to provide evidence to suggest the transaction was part of a series of monetary transactions rather than a single transaction for property purchase. The appeal was ultimately dismissed based on the evidence presented. Case-Laws Income Tax Tue, 13 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308354