https://www.taxtmi.com/caselaws?id=252557 The High Court found that the Tribunal misapplied the provisions of section 2(22)(e) of the Income-tax Act, 1961. The Court held that the loans advanced to the assessee were deemed dividends as the companies did not engage in substantial money lending activities to various parties, satisfying the second ingredient of the exclusion clause (ii). Consequently, the Tribunal allowed the Revenue's appeal, setting aside the CIT(A)'s order and restoring the Assessing Officer's decision to treat the loans as deemed dividends. en-us Fri, 25 Jul 2014 00:00:00 +0530 Wed, 29 Oct 2014 07:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252557 The High Court found that the Tribunal misapplied the provisions of section 2(22)(e) of the Income-tax Act, 1961. The Court held that the loans advanced to the assessee were deemed dividends as the companies did not engage in substantial money lending activities to various parties, satisfying the second ingredient of the exclusion clause (ii). Consequently, the Tribunal allowed the Revenue's appeal, setting aside the CIT(A)'s order and restoring the Assessing Officer's decision to treat the loans as deemed dividends. Case-Laws Income Tax Fri, 25 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252557