Case Law Details
Case Name : ACIT Vs Jethanand Thakur Bakshani (ITAT Chennai)
Related Assessment Year : 2014-15
Courts :
All ITAT ITAT Chennai
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ACIT Vs Jethanand Thakur Bakshani (ITAT Chennai)
The issue under consideration is whether the advance received towards sale of property falls within the meaning of commercial and business purpose and can be treated as deemed dividend without considering the true nature of the transaction?
ITAT states that, it is clear that the Ld. CIT(A) has examined the nature and scope of the transactions and found that the impugned transactions are towards business and commercial purpose and there is no benefit accruing to the assessee from such transaction. Thus, on the above facts and circumstances , the ...
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Very well application of law.