Advance cannot be treated as deemed dividend for non-notarization/registration of document

DCIT Vs Genesis Colors Pvt. Ltd. (ITAT Delhi) During the assessment proceedings, the Assessing Officer treated the advance received u/s 2(22)(e) holding, -That GLFPL has granted loans of Rs. 15,00,00,000/- and Rs.5,00,00,000/- on 30.07.2011 to M/s Genesis Colours Pvt. Ltd. as per the related party transaction chart shown in Notes to accounts of the accounts of GLFPL and copy of accounts submitted with GCPL by GLFPL at the time of its scrutiny assessment. -That Agreement to sell and deed of settlement are neither notarized and nor registered anywhere. -That Agreement showing the advance as capi...