Business Transactions Shouldn’t be treated as Deemed Dividend: ITAT Delhi

ACIT Vs Adiish Jain (ITAT Delhi)

Introduction: The case of ACIT Vs Adiish Jain before the ITAT Delhi revolves around the contentious issue of deemed dividend under section 2(22)(e) of the Income Tax Act, 1961. The Income Tax Department sought to add a substantial amount as deemed dividend, which was later contested by the assessee.

Detailed Analysis: The crux of the matter lies in determining whether the transactions between M/s. SMW Metal Pvt. Ltd and M/s. JP Engineers qualify as dee

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