https://www.taxtmi.com/caselaws?id=33453 HC held that payments characterized as trade advances by a closely held company do not fall within Section 2(22)(e) as deemed dividends. Applying noscitur a sociis, the court read "advance" alongside "loan," observing loans ordinarily imply lending, acceptance, interest and repayment obligation, whereas advances may lack these attributes. Since the receipts in question were trade advances and did not satisfy the characteristics of loans distributed from accumulated profits, they were not taxable as deemed dividends; appeal dismissed in favour of the assessee. en-us Thu, 14 May 2009 00:00:00 +0530 Tue, 30 Jun 2026 16:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33453 HC held that payments characterized as trade advances by a closely held company do not fall within Section 2(22)(e) as deemed dividends. Applying noscitur a sociis, the court read "advance" alongside "loan," observing loans ordinarily imply lending, acceptance, interest and repayment obligation, whereas advances may lack these attributes. Since the receipts in question were trade advances and did not satisfy the characteristics of loans distributed from accumulated profits, they were not taxable as deemed dividends; appeal dismissed in favour of the assessee. Case-Laws Income Tax Thu, 14 May 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33453