https://www.taxtmi.com/caselaws?id=756645 ITAT Bangalore ruled in favor of the assessee regarding deemed dividend addition under section 2(22)(e). The case involved a company providing loans/advances to six directors, including the assessee, for property purchase and rental deposits totaling approximately 30 lakhs rupees. The tribunal held that these transactions were commercial in nature, noting the directors acted in dual capacity and citing Delhi HC precedent that trade advances for commercial transactions fall outside deemed dividend provisions. The addition was deleted. en-us Tue, 02 Jul 2024 00:00:00 +0530 Wed, 07 Aug 2024 06:44:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756645 ITAT Bangalore ruled in favor of the assessee regarding deemed dividend addition under section 2(22)(e). The case involved a company providing loans/advances to six directors, including the assessee, for property purchase and rental deposits totaling approximately 30 lakhs rupees. The tribunal held that these transactions were commercial in nature, noting the directors acted in dual capacity and citing Delhi HC precedent that trade advances for commercial transactions fall outside deemed dividend provisions. The addition was deleted. Case-Laws Income Tax Tue, 02 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756645