No deemed dividend when Amount advanced & received back on same date

Surbhi Jain Vs ITO (ITAT Delhi)

Similar issues arose before the Tribunal with regard to related concerns, wherein it was noted that though advances were made but on the same date, there were transaction of receipt and payments itself by both the parties. The Tribunal thus addressed itself as to whether such transaction is covered in the definition of deemed dividend in the hands of the assessee u/s 2(22)(e) of the Act or not. The Tribunal held the issue to be covered by the decision of Praveen Bhimsi Chheda Shivsadan vs DCIT

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