Addition u/s. 2(22)(e) deleted as advance was recorded as journal entry and no sum was received

Ramesh Nagindas Shah Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that addition u/s. 2(22)(e) of the Income Tax Act is liable to be set aside since advance was received was merely recorded as journal entry and no sum was received by the assessee. Thus, appeal allowed. Facts- During the course of assessment proceedings, AO observed that the assessee was a director and substantial shareholder in M/s. Mahavir Submersible Pvt. Ltd., holding 49.71% of the total shares amounting to ₹35,00,000/-. AO noted that the assessee had received a loan of ₹65,22,947/- from the aforesaid company and observed...