https://www.taxtmi.com/caselaws?id=247307 The Allahabad High Court analyzed the interpretation of Section 2(22)(e) of the Income Tax Act, 1961 regarding deemed dividends for interest-bearing loans received by a shareholder from companies in which they held more than 10% of shares. The Court found that the Tribunal erred in its interpretation by not properly evaluating whether the loans were made in the ordinary course of business and if lending money was a substantial part of the companies' business. The Court remanded the case for a fresh evaluation on whether the second condition of the exclusionary clause was satisfied, emphasizing that the appeal raised a substantial legal issue. en-us Thu, 17 Apr 2014 00:00:00 +0530 Sat, 21 Feb 2015 14:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247307 The Allahabad High Court analyzed the interpretation of Section 2(22)(e) of the Income Tax Act, 1961 regarding deemed dividends for interest-bearing loans received by a shareholder from companies in which they held more than 10% of shares. The Court found that the Tribunal erred in its interpretation by not properly evaluating whether the loans were made in the ordinary course of business and if lending money was a substantial part of the companies' business. The Court remanded the case for a fresh evaluation on whether the second condition of the exclusionary clause was satisfied, emphasizing that the appeal raised a substantial legal issue. Case-Laws Income Tax Thu, 17 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247307