No deemed dividend addition u/s. 2(22)(e) as no loan advanced in current year

Subramaniam Swaminathan Iyer Vs DCIT (ITAT Raipur) ITAT Raipur held that addition under section 2(22)(e) of the Income Tax Act towards deemed dividend is vacated since loan is advanced in the preceding year. Therefore, in absence of any payment by the company in the current year, there is no justification to held that amount is received as deemed dividend. Facts-Vide the present appeal, the appellant has contested that CIT(A) erred in confirming addition of Rs.2,00,00,000/- made by the A.O, being the amount credited to capital a/c, treating it to be unexplained credit u/s.68. Further, it is al...