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In the present appeal the assessee challenged the addition of Rs. 2,88,92,817/- made on account of deemed dividend under section 2(22)(e) of the I.T. Act, 1961.

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Section 2(22)(e) of Income Tax Act, 1961—Deemed Dividend— If the accounts are inter banking accounts maintained by the parties, then they are not covered under the provision of section 2(22)(e) and no additions can be made as deemed dividend u/s 2(22)(e) - When current account is maintained between the parties, provisions of Section 2(22)(e) would not apply - EXOTICA HOUSING AND INFRASTRUCTURE CO. PVT. LTD. V/s ITO - [2020] 82 ITR (TRIB) 046 (ITAT-DELHI)