Dismissing the appeal of the revenue the Court held that Amount received from subsidiary company as advance for providing corporate guarantee- Addition cannot be made as deemed dividend . ( AY. 2002 -03)
CIT v. Accel Ltd ( 2020) 429 ITR 36/ 273 Taxman 424/ 118 taxmann.com 103 ( Mad) (HC)
S. 2(22)(e):Deemed dividend – Amount received from subsidiary company as advance for providing corporate guarantee- Addition cannot be made as deemed dividend .