Business Transactions/Salary do Not come within purview of Section 2(22)(e)

Brief of the Case:  In the case of Shri Kaushik B. Patel Vs. D.C.I.T it was  held by ITAT  Ahmedabad that routine business transactions/salary payments do not fall under the purview of Deemed Dividend u/s 2(22)(e) of the Act. In this case the assessee’s books nowhere treat the sums received as loan and advances to have been received from the said Company. The Company’s report also does not disclose any such loan or advance given to the assesee. The authorities below also did not observe anything about accumulated profits so as to invoke Section 2(22)(e) of the Act. The case file indicat...