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2013 (12) TMI 596 - AT - Income TaxAdvance taken from other company - Deemed dividend - Held that:- The factual submissions made by the assessing officer reveal that the transactions are of commercial in nature - Following CIT v. Raj Kumar [2009 (5) TMI 17 - DELHI HIGH COURT] - Section 2(22)(e) did not bring within its ambit advances received against the future supply of goods - The word 'advance' which appears in the company of the word 'loan' could only mean such advance which carries with it an obligation of repayment - Trade advance which are in the nature of money transacted to give effect to a commercial transactions would not, fall within the ambit of the provisions of section 2(22)(e) of the Act - Decided against Revenue.
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