https://www.taxtmi.com/caselaws?id=254098 The High Court dismissed the appeal under Section 260A of the Income Tax Act, 1961, regarding the addition of a deemed dividend to the assessee's total income. The court held that the exclusionary clause (ii) of Section 2(22)(e) did not apply as the lending activity was not a substantial part of the lending companies' business. Since the assessee received loans exclusively from these companies and the lending was not a significant aspect of their operations, the court upheld the Assessing Officer's decision to treat the loan as deemed dividend. en-us Tue, 09 Dec 2014 00:00:00 +0530 Tue, 12 May 2015 12:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254098 The High Court dismissed the appeal under Section 260A of the Income Tax Act, 1961, regarding the addition of a deemed dividend to the assessee's total income. The court held that the exclusionary clause (ii) of Section 2(22)(e) did not apply as the lending activity was not a substantial part of the lending companies' business. Since the assessee received loans exclusively from these companies and the lending was not a significant aspect of their operations, the court upheld the Assessing Officer's decision to treat the loan as deemed dividend. Case-Laws Income Tax Tue, 09 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254098