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2021 (7) TMI 81 - AT - Income TaxDeemed dividend u/s 22(22)(e) - HELD THAT:- We are of the considered view that the case of the assessee is squarely covered as the assessee and its subsidiary were in the same business. The money had been taken to purchase a land, which was common purpose and a current account was being maintained between the assessee and its subsidiary. Accordingly, we direct to delete the addition made u/s Section 2(22)(e) of the Act qua the issues. Disallowance u/s 40A(3) - assessee had to make payment in cash as the seller was not ready to accept payment through cheques - HELD THAT:- We are of the considered view that we find merit in the contention of the assessee and we direct to delete the addition made u/s Section 40(A)(3) of the Act qua this issue.
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