https://www.taxtmi.com/caselaws?id=59386 The Tribunal partly allowed the appeal, directing the AO to recompute the deemed dividend under Section 2(22)(e) by considering only the net amount of advances exceeding regular business transactions. It ruled in favor of the assessee on the applicability of the Explanation to Section 73, holding it inapplicable due to the absence of trading activity. Additionally, the Tribunal allowed the appeal concerning the addition of interest on interest-free advances, finding no direct nexus between the interest-bearing funds and the interest-free advances. en-us Sat, 05 Apr 2008 00:00:00 +0530 Tue, 19 Dec 2023 17:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59386 The Tribunal partly allowed the appeal, directing the AO to recompute the deemed dividend under Section 2(22)(e) by considering only the net amount of advances exceeding regular business transactions. It ruled in favor of the assessee on the applicability of the Explanation to Section 73, holding it inapplicable due to the absence of trading activity. Additionally, the Tribunal allowed the appeal concerning the addition of interest on interest-free advances, finding no direct nexus between the interest-bearing funds and the interest-free advances. Case-Laws Income Tax Sat, 05 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59386