https://www.taxtmi.com/caselaws?id=252615 The Tribunal set aside the assessing officer's order classifying an amount advanced to a shareholder as deemed dividend under Section 2(22)(e) of the Income Tax Act, 1961. The Tribunal's analysis favored the assessee, citing mutual transactions in the normal course of business and the subsidiary company's lending money as a business objective. The Court upheld the Tribunal's decision, emphasizing the substantial credit balance owed by the assessee company to the subsidiary for business purposes, leading to the dismissal of the appeal with no costs. en-us Wed, 15 Oct 2014 00:00:00 +0530 Tue, 17 Feb 2015 18:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252615 The Tribunal set aside the assessing officer's order classifying an amount advanced to a shareholder as deemed dividend under Section 2(22)(e) of the Income Tax Act, 1961. The Tribunal's analysis favored the assessee, citing mutual transactions in the normal course of business and the subsidiary company's lending money as a business objective. The Court upheld the Tribunal's decision, emphasizing the substantial credit balance owed by the assessee company to the subsidiary for business purposes, leading to the dismissal of the appeal with no costs. Case-Laws Income Tax Wed, 15 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252615