Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2016 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (5) TMI 1269 - ANDHRA PRADESH HIGH COURTDeemed dividend under Section 2(22)(e) - Held that:- As held in Creative Dyeing and Printing P. Ltd. (2009 (9) TMI 43 - DELHI HIGH COURT ), it is only if the advance paid is for the benefit of the shareholder/director, can it be said to be “deemed dividend” within the meaning of Section 2(22)(e) of the Act. The Tribunal has rightly held that the subject transaction is not for the benefit of the assessee, but is for the benefit of the company; and it is a transaction in the ordinary course of business. The conclusion of the Tribunal, that such transactions would not fall within the definition of deemed dividend under Section 2(22)(e) of the Act, is in accordance with law. No substantial question of law arises for consideration in this appeal - Decide against revenue
|