https://www.taxtmi.com/caselaws?id=243585 The court upheld the reassessment for the assessment year 2003-2004, deeming certain advances by a company to its Managing Director as deemed dividend under Section 2(22)(e) of the Income-tax Act. The company's activities did not primarily involve money lending, and the reassessment was justified even without new material. Despite the appellant's arguments and disclosure of documents, the court affirmed the assessing officer's decision, ruling out any further remedy. The appeal challenging the reassessment was dismissed, emphasizing the lack of substantial money lending business and supporting the original assessment. en-us Wed, 15 Jan 2014 00:00:00 +0530 Tue, 17 Feb 2015 14:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243585 The court upheld the reassessment for the assessment year 2003-2004, deeming certain advances by a company to its Managing Director as deemed dividend under Section 2(22)(e) of the Income-tax Act. The company's activities did not primarily involve money lending, and the reassessment was justified even without new material. Despite the appellant's arguments and disclosure of documents, the court affirmed the assessing officer's decision, ruling out any further remedy. The appeal challenging the reassessment was dismissed, emphasizing the lack of substantial money lending business and supporting the original assessment. Case-Laws Income Tax Wed, 15 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243585