Advance to Director for Sale of Land cannot be treated as Deemed Dividend

Jitendra Kumar Gupta Vs. ACIT (ITAT Delhi)

We find that in this case assessee is a share holder of more than 10% shares in IHDP Globals (P) Ltd. and during the year, the company gave funds totaling Rs. 1,67,00,000/- to the assessee which has been added by the AO u/s. 2(22)(e) of the Act and later the Ld. CIT(A) confirmed the findings of AO. We further note that during the year the company gave Rs. 1,67,00,000/- to the

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