Inter-Corporate Deposits (ICDs) are different from loans or advances and would not come under purview of ‘deemed dividend’ within meaning of section 2(22): Mumbai ITAT 

[2019] 101 taxmann.com 19 (Mumbai – Trib.)

IT: Where Assessing Officer made additions to assessee-company’s income under section 2(22)(e) in respect of loan given by one company to another company by taking a view that assessee was a common shareholder in both companies, in view of fact that there was no material to point out that payment in question was for individual benefit of assessee-shareholder and, further, assessee was not even a shareholder of any of those companies on date on which such advance was given, impugned addition was unjustified

:[2019] 101 taxmann.com 19 (Mumbai – Trib.)