https://www.taxtmi.com/caselaws?id=250916 The Tribunal upheld the assessment order, deeming the loan from Sarnath Finance Limited as deemed dividend under section 2(22)(e) of the Income Tax Act. It confirmed the inclusion of interest paid on the loan as deemed dividend, disallowing it as a business expense. The Tribunal also approved the calculation of accumulated profits for applying section 2(22)(e) and restricted interest paid on loans from certain parties. Additionally, it upheld the addition of unexplained household expenses, granting partial relief on the interest rate issue. The appeal was partly allowed, with the order pronounced on 2.5.2014. en-us Fri, 02 May 2014 00:00:00 +0530 Fri, 29 Aug 2014 09:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250916 The Tribunal upheld the assessment order, deeming the loan from Sarnath Finance Limited as deemed dividend under section 2(22)(e) of the Income Tax Act. It confirmed the inclusion of interest paid on the loan as deemed dividend, disallowing it as a business expense. The Tribunal also approved the calculation of accumulated profits for applying section 2(22)(e) and restricted interest paid on loans from certain parties. Additionally, it upheld the addition of unexplained household expenses, granting partial relief on the interest rate issue. The appeal was partly allowed, with the order pronounced on 2.5.2014. Case-Laws Income Tax Fri, 02 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250916