Trade advances cannot be treated as Deemed dividend U/s. 2(22)(e)

Pr. CIT Vs Prakashkumar Bhagchandbhai Khatri (Gujarat High Court) Where assessee, in terms of agreement with company for development and consideration of land owned by assessee, had received trade advances, the same were not loans, therefore, section 2(22)(e) was not attracted. The Tribunal while confirming the view of CIT(A) opined that amount in question was in the nature of trade advances to assessee made by company and not loans. Thus the addition was deleted. FULL TEXT OF THE HIGH COURT ORDER / JUDGMENT 1. Revenue is in appeal against the judgement of the Income Tax Appellate Tribunal da...