Advance money couldn’t be taken as deemed dividend if it was received pursuant to a sales agreement

Section 2(22) of the Income-tax Act, 1961 - Deemed dividend (Loans or advances to share holder) - Assessment year 2004-05 - During relevant assessment year, assessee received certain amount from company 'P' - Assessee's case was that said amount was received as advance money against sale of land owned by him - Assessing Officer having rejected assessee's explanation, added amount in question to assessee's taxable income by invoking provisions of section 2(22)(e) - Commissioner (Appeals) as well as Tribunal deleted addition made by Assessing Officer - Whether in view of fact that amount in question was received through account payee cheques in accordance with sale agreement entered into between assessee and company 'P' for sale of land owned by assessee, impugned order passed by Tribunal did not require any interference - Held, yes [Para 8] [In favour of assessee]

Refer:[2014] 46 taxmann.com 122 (Madhya Pradesh)
HIGH COURT OF MADHYA PRADESH
Commissioner of Income-tax
v.
Om Prakash Suri (No. 2)