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of <h1>SC upholds genuine business expediency, rules Section 2(22)(e) not applicable on deemed dividends</h1> <h3>COMMISSIONER OF INCOME TAX-I Versus AMRIK SINGH PROP M/s NEXO PRODUCTS INDIA</h3> The SC upheld the HC order, ruling that the assessee demonstrated a genuine business expediency with the company, negating the applicability of Section ... Deemed dividend u/s 2(22) - Held that:- HC order upheld [2015 (2) TMI 731 - PUNJAB AND HARYANA HIGH COURT] - The assessee having proved a tangible business expediency between the assessee and the company, the question of invoking Section 2(22)(e) of the Act does not arise. We find no reason whether in law or in fact to interfere with these findings of facts, which are neither perverse nor arbitrary. - Decided against the revenue. The Supreme Court dismissed the special leave petitions after condoning the delay.
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