Court Rules Deemed Dividends Not Applicable: Section 2(22)(e) of Income Tax Act, No TDS Deduction for Accounting Adjustments.

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....Deemed dividend u/s 2(22)(e) - non deduction of TDS - looking to large number of adjustment entries in the accounts between two entities, the amounts were not in the nature of loan or deposit, but merely adjustments, application of section 2(22)(e) of the Act would not arise - HC....