Business transaction amounts are not taxable as deemed dividend

Issue before court: The main issue in both the years relates to whether transaction made in normal course of business can be treated as deemed dividend u/s 2 (22) (e) of the act. The another issue besides the issue above in AY 2007-08 is addition of Rs. 45,00,000/- as unexplained cash credit. Brief Facts: Assesse is having shares in various companies. A search & seizure operation was carried out on 26.03.2010. During search statement of assessee was recorded. AO noticed certain amounts were transacted in between the companies in which assessee is having shares. AO classified those amoun...