2016 (11) TMI 1379 - HC - Income Tax

Appeal admitted to consider the following substantial question of law. Whether the Appellate Tribunal is right in law and on facts in deleting the addition of ₹ 31,62,618/made on account of deemed dividend u/s. 2(22)(e) of the Act, by treating the transaction as current accommodation adjustment entries instead of loan and advance?

Summary

The Gujarat High Court admitted an appeal to consider the question of law regarding the deletion of an addition of Rs. 31,62,618 under section 2(22)(e) of the Act. The transaction was treated as current accommodation adjustment entries instead of a loan and advance.