Thursday 12 September 2013

No deemed dividend when sum advanced by co. to its shareholder was on account of commercial transact

IT: Where assessee held more than 10 per cent shares of a company 'B' and he on basis of an agreement received a sum of Rs. one crore from 'B' in advance against transaction of sale of his cold storage, amount received was on account of commercial transaction and section 2(22)(e) was not applicable to said transaction


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