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Deemed dividend u/s 2(22)(e) applied to canceled property sale with company; market decline argument rejected.
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....Deemed dividend u/s 2(22)(e) - receipt of advance against agreement to sale the property to the company - subsequently agreement was cancelled due to fall in market price - so called ‘fall in market value of property and subsequent change in circumstances’ would not have come in the way of alleged sale transaction of the subject property. - additions confirmed.....