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Deemed dividend U/s. 2(22)(e): Advance in normal course of business
Case Law Details
- Case Name
- Sri Ajay Kumar Khatore Vs DCIT (ITAT Ranchi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-2013
- Courts
- All ITAT, ITAT Ranchi
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Sri Ajay Kumar Khatore Vs DCIT (ITAT Ranchi)
M/s K E Pvt. Ltd. had opening balance with the assessee and the total reserve of the company was less than the amount of advance given. The fresh loan by account payee cheque was for the purposes of business. On perusal CBDT Circular and considering the facts and circumstances of the case, the entire issue of applicability of deemed dividend within the meaning of section 2(22)(e) was remitted to the file of AO, who shall verify the issue afresh after considering the above CBDT Circular placed by assessee.
FULL TEXT OF THE ITAT JUDGMENT
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