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2020 (3) TMI 463 - AT - Income TaxDeemed dividend u/s 2(22)(e) - Assessee contention the amount is not a loan taken from PASPL rather said amount is a security deposit received in terms of agreement under which the industrial land was given for industrial use to PASPL. - HELD THAT:- Assessee has taken security deposits from his sister concern. In our considered opinion, same will not be covered under section 2(22)(e) of the Act and we hold advances were given for business purpose only. - Decided in favour of assessee.
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