Provisions of ‘Deemed Dividend’ would not attract Loans and Advances out of Commercial Consideration and Business Expediency: ITAT [Read Order]

Provisions - Deemed Dividend - Loans - Advances - Commercial Consideration - Business Expediency - ITAT - Taxscan

The income Tax Appellate Tribunal (ITAT), Mumbai bench has held that the provisions of deemed dividend under section 2(22)(e) of the Income Tax Act, 1961 would not be applicable to loans and advances out of commercial consideration and business expediency. assessee is an individual and derived income from house property, remuneration from the partnership firm…

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