Provisions of Deemed Dividend does not attract If Loans & Advances in Normal Business benefits both Payer and Payee: ITAT [Read Order]

Deemed Dividend - Normal Business - Payer - Payee - ITAT - taxscan

Income Tax Appellate Tribunal (ITAT), Rajkot bench consisting of Waseem Ahmed, Accountant Member and T. R. Senthil Kumar, Judicial Member held that loans and advances given in normal course of business and if transaction in question benefits both payer and payee companies, provisions of ‘deemed dividend’ cannot be invoked. The assessee,DCIT is engaged in manufacturing,…

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