https://www.taxtmi.com/caselaws?id=255966 The High Court dismissed the Revenue's appeal challenging the taxation of a loan as deemed dividend under Section 2(22)(e) of the Income Tax Act for the Assessment Year 2007-08. The Court held that deemed dividend can only be taxed in the hands of a shareholder of the lending company, which the appellant was not. Relying on precedents like Universal Medicare Pvt. Ltd. and Impact Containers Pvt. Ltd., the Court emphasized strict interpretation of tax laws and found no substantial question of law. Therefore, the appeal was dismissed with no order as to costs. en-us Tue, 20 Jan 2015 00:00:00 +0530 Fri, 14 Aug 2015 18:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255966 The High Court dismissed the Revenue's appeal challenging the taxation of a loan as deemed dividend under Section 2(22)(e) of the Income Tax Act for the Assessment Year 2007-08. The Court held that deemed dividend can only be taxed in the hands of a shareholder of the lending company, which the appellant was not. Relying on precedents like Universal Medicare Pvt. Ltd. and Impact Containers Pvt. Ltd., the Court emphasized strict interpretation of tax laws and found no substantial question of law. Therefore, the appeal was dismissed with no order as to costs. Case-Laws Income Tax Tue, 20 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255966