Affirming the order of the Tribunal High court by held that trade advances which were in nature of commercial transactions would not fall within ambit of word ‘advance’ in section 2(22)(e) of the Act. SLP filed by revenue is dismissed.
PCIT (Central) v. Dwarka Prasad Aggarwal (2024) 299 Taxman 363 (SC) Editorial : PCIT v. Dwarka Prasad Aggarwal (2022) 140 taxmann.com 32 (Delhi)(HC)
S. 2(22)(e) : Deemed dividend-Trade advances-Commercial transactions-Cannot be assessed as deemed dividend-Order of High Court is affirmed-SLP of Revenue is dismissed. [Art. 136]