Addition U/s. 2(22)(e) not sustainable if transaction is not of loan or advance

Shravan Choudhary Vs ACIT (ITAT Jaipur)

If the transaction is a business transaction between the parties then the amount received under the said transaction cannot be held as loan or advance to be treated as deemed dividend under section 2(22)(e) of the Act. The assessee explained the facts regarding the loan given by the assessee to the company and which was also received during the year under consideration along with the interest, the details of which has been reproduced by the AO at pages 8 & 9 of the

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