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Section 2(22)(e) cannot be invoked in relation to trade, business or other commercial advances paid to shareholders

Section 2(22)(e) cannot be invoked in relation to trade, business or other commercial advances paid to shareholders - Income Tax - By: - CA DEV KUMAR KOTHARI - Dated:- 17-2-2017 - Relevant provisions: Section 2 (22) ( e) Some of relevant judgments: C .....

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AX Versus SHRI RAJ KUMAR - 2009 (5) TMI 17 - DELHI HIGH COURT Deputy Commissioner Of Income-Tax. Versus Lakra Brothers. - 2006 (4) TMI 190 - ITAT CHANDIGARH-A Commercial or business advances: Commercial or business advances are advance money paid by .....

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oney which he require in execution of contract. Even advances to employees are made against remuneration payable to employee or agents. An advance can be made for a particular purpose and another advance can be made to the same payee for another purp .....

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ayee, c. An advance can be made for supply of goods, d. An advance can be made for rendering of services by payee himself or his organization. Payee of advance receives advance for particular purpose: In such situations advance is paid for particular .....

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be a director or shareholder of payer company. The advance so made is not an advance made to director or shareholder but the advance so made is for specific purpose and against commercial obligations undertaken by the payee. Deeming provisions of S. .....

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re, provisions to treat such loan or advance as deemed dividend shall not be attracted in case of such commercial advances. Case of Shri Amrik Singh: Question whether advance paid for doing some job work by a shareholder on behalf of company can be d .....

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