https://www.taxtmi.com/caselaws?id=119666 The Tribunal upheld the decision of the CIT(A) and the AO, confirming the addition of Rs. 6 lakhs as deemed dividend under section 2(22)(e) of the Income Tax Act to the assessee's income. The Tribunal determined that the lending of money was not a substantial part of M/s. Avanti Overseas Pvt. Ltd.'s business, as the income from interest and lease rental constituted only a small percentage of the company's total turnover and net profit for the relevant year. Consequently, the loan could not be excluded from being deemed a dividend, and the assessee's appeal was dismissed. en-us Fri, 19 Jan 2007 00:00:00 +0530 Wed, 07 Feb 2024 10:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119666 The Tribunal upheld the decision of the CIT(A) and the AO, confirming the addition of Rs. 6 lakhs as deemed dividend under section 2(22)(e) of the Income Tax Act to the assessee's income. The Tribunal determined that the lending of money was not a substantial part of M/s. Avanti Overseas Pvt. Ltd.'s business, as the income from interest and lease rental constituted only a small percentage of the company's total turnover and net profit for the relevant year. Consequently, the loan could not be excluded from being deemed a dividend, and the assessee's appeal was dismissed. Case-Laws Income Tax Fri, 19 Jan 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119666