Inherited property sale proceeds require capital-gains treatment where ownership is supported by evidence, not suspicion or unverified signature doubt...
Cross-examination of retracted statements is essential where foundational evidence supports a benami allegation and documented funding explanations re...
Capital-goods exemption covers plant-modernisation accessories, while the import restriction applies only to earlier capital-goods components and spar...
Constitutional judicial review permits challenges to ECIRs and connected money-laundering proceedings where coercive action affects fundamental intere...
Deemed dividend under section 2(22)(e) was held inapplicable where loans from a closely held company were advanced in the ordinary course of its substantial money-lending business. The Tribunal's factual findings, based on the TDS certificate and ledger account, showed that the assessee paid interest on the borrowings and did not receive any gratuitous benefit from the company. Following the assessee's earlier year on identical facts, the Court accepted that money-lending formed a substantial part of the lender's business and that such advances fell outside the deemed dividend provision. As these conclusions were purely factual, no substantial question of law arose and the Revenue's appeal was dismissed.
Deemed dividend under section 2(22)(e) was held inapplicable where loans from a closely held company were advanced in the ordinary course of its substantial money-lending business. The Tribunal's factual findings, based on the TDS certificate and ledger account, showed that the assessee paid interest on the borrowings and did not receive any gratuitous benefit from the company. Following the assessee's earlier year on identical facts, the Court accepted that money-lending formed a substantial part of the lender's business and that such advances fell outside the deemed dividend provision. As these conclusions were purely factual, no substantial question of law arose and the Revenue's appeal was dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4790
Join Channel
TaxTMI 
