2015 (2) TMI 1233 - HC - Income Tax

Addition on deemed dividend - Held that - This question has been answered against the revenue Commissioner of Income Tax-I, Ludhiana versus Amrik Singh,Prop.M/s Nexo Products(India) Ludhiana 2015 (2) TMI 731 - PUNJAB AND HARYANA HIGH COURT as held that as the assessee has proved business expediency the advance is not covered by Section 2(22)(e) of the Act. - Decided in favour of assessee.

Summary

The High Court of Punjab and Haryana ruled in favor of the appellant regarding deemed dividend under Section 2(22)(e) of the Income Tax Act, 1961. Question nos. 2 and 3 were adjourned to 23.3.2015.