https://www.taxtmi.com/caselaws?id=217666 The Court dismissed the revenue's appeal, affirming the deletion of deemed dividend income addition by the Commissioner of Income Tax (Appeals) and upheld by the Tribunal. The loan amount advanced by the company to the respondent did not fall under Section 2(22)(e) of the Income Tax Act as deemed dividend due to the firm holding less than 10% shareholding of the voting power, as per the specific shareholding percentages of the parties involved. The Court emphasized that shareholders of different holdings cannot be combined to determine the applicability of Section 2(22)(e) and found no substantial question of law in the appeal. en-us Tue, 11 Sep 2012 00:00:00 +0530 Tue, 16 Oct 2012 17:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217666 The Court dismissed the revenue's appeal, affirming the deletion of deemed dividend income addition by the Commissioner of Income Tax (Appeals) and upheld by the Tribunal. The loan amount advanced by the company to the respondent did not fall under Section 2(22)(e) of the Income Tax Act as deemed dividend due to the firm holding less than 10% shareholding of the voting power, as per the specific shareholding percentages of the parties involved. The Court emphasized that shareholders of different holdings cannot be combined to determine the applicability of Section 2(22)(e) and found no substantial question of law in the appeal. Case-Laws Income Tax Tue, 11 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217666