Allowing the appeal of the assessee the Court held that the amount advanced to share holder for construction of building being commercial transaction the said advance cannot be assessed as deemed dividend. (AY.2007-08)
Jamuna Vernekar (Smt.) v. Dy.CIT (2021) 432 ITR 146 (Karn.)(HC)
S. 2(22)(e): Deemed dividend-Loan to share holder-Commercial transaction-Advance for construction of building-Not assessable as deemed dividend. [S.1150]