Search and seizure action u/s 132 of the Income Tax Act

Last updated: 11 August 2021
Quick Summary
This case involves a search and seizure action under Section 132 of the Income Tax Act against M/s Gen X Commodities (P) Ltd. The Assessing Officer treated advances received from another company as a deemed dividend under Section 2(22)(e) of the Act, making a significant addition to the assessee's income. However, the Tribunal overturned this, ruling that amounts advanced for genuine business transactions do not fall under the definition of a deemed dividend.

Court :
ITAT Delhi

Brief :
This appeal filed by the Revenue is directed against the order dated 30.03.2016 of the learned CIT(A)-30, New Delhi, relating to Assessment Year 2011-12.

Citation :
ITA No.3561/DEL/2016

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