https://www.taxtmi.com/caselaws?id=260525 The Tribunal upheld the CIT(A)'s decision that the loan from M/s. Silgo Finance Pvt. Ltd. to the assessee did not constitute deemed dividend under section 2(22)(e) of the Income Tax Act. The Tribunal emphasized that money lending was a substantial part of Silgo's business, as evidenced by the significant deployment of funds in loans and advances, despite the absence of interest income. The assessee's cross-objection was dismissed as infructuous, aligning with the decision on the Revenue's appeal. en-us Mon, 01 Jun 2015 00:00:00 +0530 Tue, 16 Jun 2015 08:35:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260525 The Tribunal upheld the CIT(A)'s decision that the loan from M/s. Silgo Finance Pvt. Ltd. to the assessee did not constitute deemed dividend under section 2(22)(e) of the Income Tax Act. The Tribunal emphasized that money lending was a substantial part of Silgo's business, as evidenced by the significant deployment of funds in loans and advances, despite the absence of interest income. The assessee's cross-objection was dismissed as infructuous, aligning with the decision on the Revenue's appeal. Case-Laws Income Tax Mon, 01 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260525