Business transaction amounts are not taxable as deemed dividend

Issue before court:

• The main issue in both the years relates to whether transaction made in normal course of business can be treated as deemed dividend u/s 2 (22) (e) of the act.
• The another issue besides the issue above in AY 2007-08 is addition of Rs. 45,00,000/- as unexplained cash credit.

Brief Facts:

• Assesse is having shares in various companies. A search & seizure operation was carried

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