https://www.taxtmi.com/caselaws?id=212050 The High Court upheld the Tribunal's decision regarding the interpretation of Section 2(22)(e) of the Income Tax Act. It was determined that the loans given to the appellant did not qualify as being in the ordinary course of business due to being interest-free and not aligning with profit motives. The Court found that lending money was not a substantial part of the lending company's business, leading to the dismissal of the appeals without costs. en-us Fri, 30 Mar 2012 00:00:00 +0530 Wed, 11 Apr 2012 11:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212050 The High Court upheld the Tribunal's decision regarding the interpretation of Section 2(22)(e) of the Income Tax Act. It was determined that the loans given to the appellant did not qualify as being in the ordinary course of business due to being interest-free and not aligning with profit motives. The Court found that lending money was not a substantial part of the lending company's business, leading to the dismissal of the appeals without costs. Case-Laws Income Tax Fri, 30 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212050