https://www.taxtmi.com/caselaws?id=751133 ITAT Mumbai ruled in favor of the assessee on deemed dividend provisions under Section 2(22)(e). The tribunal held that no loan withdrawal occurred during the assessment year as account maintained credit balance throughout. Regarding payments to companies where assessee held substantial interest, ITAT found these funds were utilized for legitimate business purposes without direct or indirect benefit to the assessee. Consequently, deemed dividend provisions could not be invoked, and additions proposed by AO were deleted. en-us Fri, 05 Apr 2024 00:00:00 +0530 Mon, 08 Apr 2024 08:52:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751133 ITAT Mumbai ruled in favor of the assessee on deemed dividend provisions under Section 2(22)(e). The tribunal held that no loan withdrawal occurred during the assessment year as account maintained credit balance throughout. Regarding payments to companies where assessee held substantial interest, ITAT found these funds were utilized for legitimate business purposes without direct or indirect benefit to the assessee. Consequently, deemed dividend provisions could not be invoked, and additions proposed by AO were deleted. Case-Laws Income Tax Fri, 05 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751133