2008 (4) TMI 428

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..... vities - Assessing Officer came to the conclusion that because of the shareholding pattern, financial transactions would fall in the category of “deemed dividend” defined under section 2(22)(e) - Being a travel agency, it had regular business dealings with the concerns dealing with holiday resorts and the tourism industry. Therefore, since the transactions were normal business transactions, which .....

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..... nt year 1998-99. The. During the previous year relevant to the assessment year the assessee had entered into certain business transactions with M /S. Holiday Resort Pvt. Ltd. and M/s. Ambassador Tours (I) Pvt. Ltd. 2. As a result of these business transactions, there were some financial transactions but the Assessing Officer came to the conclusion that because of the shareholding pattern, thes .....

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..... as advances or loans, which form a distinct category of financial transactions. Under the circumstances, the Tribunal came to the conclusion that since these transactions did not represent loans or advances, the provisions of section 2(22)(e) of the Act were not at all applicable. 4. We are of the view that the order passed by the Tribunal does not suffer from any error of law. It is quite cl .....

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