Deemed Dividend Not Applicable: Business Advance Refunded After Project Collapse u/s 2(22)(e) Income Tax Act.

Addition of deemed dividend u/s 2(22)(e) - business transactions - Received advance from Sister Concern in which assesssee has substantial interest - This was a pure business deal. Since, the project did not mature, therefore, the agreement was cancelled by an exit agreement dated 29.01.2010 and the entire amount was refunded by the assessee - No additions - AT .....

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