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2012 (12) TMI 564 - AT - Income TaxDeemed dividend u/s 2(22)(e) - Company from sufficient reserves has advanced to a Director substantial interested - Assessee contented that this is a trade transaction and the advance was given for purchase of contiguous land since the company was not authorised to purchase non-agricultural land in his name – Held that:- As the assessee has received advance from the company on 07-11-06 and 08-11-06 and whereas the payments for land have been made on 08-06-06 and 26-10-06. Assessee has only given a colour to the transactions so as to characterise the same as in the nature of trade advance. Therefore provisions of section 2(22)(e) are clearly attracted in the facts and circumstances. Appeal decides in favour of revenue
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