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2023 (6) TMI 813 - ITAT DELHIDeemed dividend u/s. 2(22)(e) - nature of receipt - business transactions or loan - assessee company has received amount from another company having common and substantial shareholding - shareholding in excess of 20% in the two companies - HELD THAT:- As there have been various transactions of receipt and payment between the assessee and Saga Developers P. Ltd. for the transfer of fund as and when required for the purpose of business, the money that was advanced was in the nature of trade advance. As relying on case of Raj Kumar [2009 (5) TMI 17 - DELHI HIGH COURT] we are of the view that the amount received by the assessee cannot be termed as deemed dividend within the meaning of s. 2(22)(e) of the Act and therefore its addition cannot be made. Thus no addition u/s 2(22)(e) of the Act of the Act could be made in the present case. Decided in favour of assessee.
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