Tribunal Rules Loan Additions Unwarranted, No Withdrawals Occurred, Assessee Favored Over AO's Deemed Dividend Claim.

Deemed dividend u/s 2(22)(e) - The AO held that loans received by the assessee from the Company constituted deemed dividends. However, the Appellate Tribunal found that there were no withdrawals of loans during the relevant year, leading to the conclusion that the additions proposed by the Assessing Officer were unwarranted. Consequently, the Tribunal ruled in favor of the assessee and deleted the proposed additions. .....

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