No Deemed dividend on Transactions of receipt & payment on same date

ACIT Vs Seema Devi Bansal (ITAT Delhi) Trade and commercial transactions are not covered in the definition of ‘loans and advances’ on which section 2(22)(e)  can be applied. When the company got back its funds on the same day, it could not fall into the definition of the deemed dividend. FULL TEXT OF THE ITAT JUDGMENT Revenue has filed this appeal against the order dated 01.9.2014 for A.Y. 2010-11 of the Ld. CIT(A)-I, New Delhi relevant to assessment year 2010-11. 2. The Revenue has raised the following grounds:- “(i) The order of Ld. CIT(A) is not correct in law and facts. (ii) On the ...