Allowing the appeal of the assessee the Tribunal held that ; amounts advanced to assessee director by its company were for business transaction, same would not fall within definition of deemed dividend .( AY.2012-13)
Dinesh Pandey. v. DCIT (2018) 170 ITD 501 (Delhi) (Trib.)
S. 2(22)(e):Deemed dividend- Director-Advance received for blocking deal of sale and purchase on behalf of the company for business transaction cannot be assessed as deemed divided.