Deemed Dividend Not Attracted Because Advances Arose from Genuine Commercial Transactions

DCIT Vs Prestige Holiday Resorts Private Limited (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai adjudicated multiple appeals filed by the Revenue for Assessment Years (AY) 2015–16 and 2016–17, along with cross-objections filed by the assessee. The disputes related to deemed dividend under section 2(22)(e), disallowance of commission expenses, depreciation on capitalised timeshare weeks, foreign travel expenses, and the validity of assessment orders passed in the name of a non-existing entity. Deemed Dividend under Section 2(22)(e):The Revenue challenged the deletion of addi...