Section 2(22)(e):

The Delhi ITAT bench held that where amount in question was advanced to assessee in pursuance of memorandum of agreement for developing plots of land belonging to assessee into commercial building, such advance could not be treated as deemed dividend.
The Rajasthan High Court held that where assessee-firm had received an advance from a company and it was assessee's partners who were shareholders in said company and not assessee-firm, such an advance could not be taxed as deemed dividend in hands of assessee-firm

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