Cooperative society deposits, member-interest TDS exemption and credit-facility deduction claims require verification through records and supporting e...
Customs jurisdiction over EPCG condition breaches survives export-obligation discharge certificates, requiring alleged fraud and misdeclaration to be ...
Contractual tolerance requires consideration; breach recoveries, qualifying public infrastructure services and road works escape service tax liability...
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 4794
Join Channel
TaxTMI 
