No Deemed Dividend If Loans & Advances in Normal Business benefits both Payer & Payee

DCIT Vs Entrack Organic Haus Pvt. Ltd. (ITAT Rajkot) ITAT held that where loans and advances are given in normal course of business and transaction in question benefits both payer and payee companies, provisions of section 2(22)(e) cannot be invoked. ITAT further held that if the assessee company does not hold the share in other company from which it had received deposit, then it cannot be treated to be a deemed dividend under Section 2(22)(e) of the Act.  FULL TEXT OF THE ORDER OF ITAT RAJKOT This is an appeal filed by the Revenue against the order dated 21.03.2016 passed by the Commissioner...