Addition of advances received as deemed dividend unsustainable as it is purely business transaction

DCIT Vs Forum Projects Pvt Ltd (ITAT Kolkata) ITAT Kolkata held that addition of advances received by the company as deemed dividend in terms of provisions of section 2(22)(e) of the Income Tax Act unsustainable as advances are received from the concerns purely as business transaction. Facts- The assessee company has been in the business of the development and construction of the real estate projects. During the assessment proceedings, AO noted that the assessee had received substantial advances from the various parties against which the interest was paid after the due deduction of tax. AO not...