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Section 2(22)(e) not applicable to Current Account Transactions
Case Law Details
- Case Name
- Rajesh Pagaria Vs I.T.O. Ward 48(2) (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Kolkata
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Rajesh Pagaria Vs I.T.O. (ITAT Kolkata)
As found by the A.O. from the cash flow statement furnished by the assessee, the assessee had received total amount of Rs. 28,96,502/- from M/s. Anand Vinayak Coalfield Ltd. According to the A.O., the said amount received by the assessee was in the nature of loans and advances and since the provisions of section 2(22)(e) related to deemed dividend were applicable, he invoked the same and added the amount of Rs. 28,96,502/- to the total income of the assessee by treating the same as deemed dividend. On appeal, the Ld. CIT(A) confirmed the addition made by...
