Money advanced to shareholder for specific purpose cannot be treated as deemed dividend under section 2(22)(e)

ACIT Vs. Harshad V. Doshi-ITAT Chennai Order This is a departmental appeal. Grievance is that Commissioner (Appeal) deleted additions made by the assessing officer under section 2(22)(e) of the Income Tax Act, 1961 (for short `the Act’) on account of advances paid by one M/s Doshi Housing Ltd. Rs. 3,19,82,112 and rental advance of Rs.19,89,000 paid by the same company to the assessee. According to the revenue Commissioner (Appeal) did not consider the decision of Hon’ble Jurisdictional High Court in the case of CIT v. P.K.Abubucker (2003) 259 ITR 507 (Mad) and erred in considering ...