Advance received can’t be termed as a dividend U/s. 2(22)(e) when there was no accumulated profits available

Advance received can’t be termed as a dividend under section 2(22)(e) when there was no accumulated profits available with company through which advance is alleged to be taken

Facts of the Case

Briefly stated, assessee is an individual and was covered in the search and seizure operations u/s 132 of the Act conducted on Vishnu Chemicals Group. Assessment for A.Y 2002-03 was completed u/s 143(3) r.w.s. 153A on 31.12.2009. Later the CIT (

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