https://www.taxtmi.com/caselaws?id=61990 The Tribunal dismissed both the appeal and cross-objection, affirming the Commissioner of Income-tax (Appeals) decisions. The loan taken by the assessee was not considered deemed dividend as the assessee did not have substantial interest in the company until shares were registered in the names of minors. The genuineness of the gift of shares to the assessee's daughter's minor children was upheld, and the interest disallowance of Rs. 7,909 was sustained due to lack of evidence on the utilization of borrowings. en-us Fri, 28 Feb 1986 00:00:00 +0530 Sun, 06 Feb 2011 03:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61990 The Tribunal dismissed both the appeal and cross-objection, affirming the Commissioner of Income-tax (Appeals) decisions. The loan taken by the assessee was not considered deemed dividend as the assessee did not have substantial interest in the company until shares were registered in the names of minors. The genuineness of the gift of shares to the assessee's daughter's minor children was upheld, and the interest disallowance of Rs. 7,909 was sustained due to lack of evidence on the utilization of borrowings. Case-Laws Income Tax Fri, 28 Feb 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61990