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2011 (3) TMI 1441 - AT - Income TaxAddition on account of dividend u/s 2(22)(e) of the Act - It was mentioned that the assessee was not able to prove the bona-fides of his claim regarding carrying on of real estate business and the audited accounts had shown the amount as unsecured loans – Held that:-monies were advanced in pursuance of the memorandum of agreement for developing plots of land into commercial buildings, one of the objects of the company. The plots belonged to the assessee which were to be handed over to the company for construction as per approved plans. It was the business of the company to undertake real estate construction business. In a way, the assessee became a partner with the company to carry on real estate business, during the course of which the advances were received, advances cannot be deemed to be dividend, appeal is dismissed
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