https://www.taxtmi.com/caselaws?id=759929 ITAT Kolkata ruled in favor of the assessee regarding deemed dividend under Section 2(22)(e). The assessee, holding 66.22% shareholding, received funds from the company which revenue authorities treated as loan attracting deemed dividend provisions. ITAT held that transactions were commercial in nature for business exigencies, not loans and advances. The assessee managed hospital's daily operations and funds were exchanged based on business requirements. These consistent transactions over years were previously accepted by revenue authorities. Section 2(22)(e) provisions were deemed inapplicable to such commercial transactions. en-us Fri, 27 Sep 2024 00:00:00 +0530 Fri, 11 Oct 2024 08:58:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759929 ITAT Kolkata ruled in favor of the assessee regarding deemed dividend under Section 2(22)(e). The assessee, holding 66.22% shareholding, received funds from the company which revenue authorities treated as loan attracting deemed dividend provisions. ITAT held that transactions were commercial in nature for business exigencies, not loans and advances. The assessee managed hospital's daily operations and funds were exchanged based on business requirements. These consistent transactions over years were previously accepted by revenue authorities. Section 2(22)(e) provisions were deemed inapplicable to such commercial transactions. Case-Laws Income Tax Fri, 27 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759929