Partner’s Withdrawal from Firm Not Deemed Dividend U/S 2(22)(e): ITAT Delhi

Krishan Kant Kohli Vs DCIT (ITAT Delhi) ITAT Delhi held that amount withdrawn by the assessee in the capacity of the partner from the partnership firm cannot be treated in the nature of loan and advance and cannot be covered within meaning of deemed dividend under section 2(22)(e) of the Income Tax Act. Facts- A search was conducted on 29/04/2015 at the various premises for Orient Craft group of cases. The Assessee was also covered u/s 132 of the Income Tax Act, 1961. An assessment order u/s 153A r.w.s. 143(3) of the Act came to be passed on 26/12/2017 by making addition of Rs. 6,60,000/- on a...