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 CI

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