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2018 (11) TMI 1008 - AT - Income TaxDeemed dividend addition u/s 2(22)(e) - assessee contended that amount given not for the benefit of person but for the benefit of the Company - Held that:- Company has given official imprest amount of ₹ 1,35,000/- to the assessee for incurring certain expenses in connection with seeking professional work for the Company. Therefore, explanation of assessee is substantiated that it was an ordinary business transaction and that small imprest amount was given to the assessee to incur expenditure on behalf of the Company. Therefore, provisions of Section 2(22)(e) would not be attracted in this case. Considering all it is clear that all the amounts in question have not been given to the assessee for his personal benefit but these amounts have been given for the benefit of the Company. These were ordinary business transactions and as such, would not attract the provisions of Section 2(22)(e). We, accordingly, set aside the Orders of the authorities below and delete the above additions. Appeal of Assessee is partly allowed.
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