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2012 (9) TMI 154 - ITAT, DELHIDeemed Dividend - addition of advance salary as deemed dividend - Held that:- From the facts and circumstances of the case, it is observed that the debit balance in the account of assessee at a given point of time is not in the nature of loan or advance. But, it is a running account wherein the assessee had taken the amount as adjustable against future salaries which were being credited to his account monthly. Therefore, advance was not in the nature of loan and hence cannot be treated as deemed dividend u/s 2(22)(e) - Decided in favor of assessee.
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