2023 (2) TMI 87 - AT - Income Tax

Deemed divided u/s 2(22) - CIT(A) was convinced that the assessee had availed advance pursuant to business transaction, and, therefore, was outside the ambit of provisions of section 2(22)(e) - HELD THAT:- The first appellate authority, while deleting the addition, has drawn support from the decision of the Calcutta High Court in the case of Pradeep Kumar Malhotra [2011 (8) TMI 16 - CALCUTTA HIGH COURT] and also in the case of Creative Dyeing and Printing [P] Ltd [2009 (9) TMI 43 - DELHI HIGH COURT]. Since the first appellate authority has deleted the addition in true appreciation of the facts supported by judicial decisions, we do not find any reason to interfere with the findings of the ld. CIT(A). Decided against revenue.