Advance to Directors for Land Purchase cannot be treated as Deemed Dividend

D.L.V. Sridhar Vs. DCIT (ITAT Visakhapatnam)

In this case, the assessee is the Managing Director of the company M/s. STC Transports Private Limited and having controlling shares in the company. The assessee has entered into an agreement with the assessee company for sale of his land ad measuring 1504.81 sq.yds. site at Enikepadu village in R.S. No. 168/1 & 168/2 for a consideration of Rs. 1.50 crores and received the sums of Rs. 1.49 crores till the end of the financial year and the registration was pending as at the end of the

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