https://www.taxtmi.com/caselaws?id=271286 The Tribunal allowed the assessee's appeal, dismissing the Revenue's appeal. It held that the interest expenses disallowed under Section 40A(2)(b) were regular business transactions without tax evasion intent. The addition on account of deemed dividend under Section 2(22)(e) was deleted as the assessee was not a shareholder in the lending company, in line with precedents. The Tribunal emphasized that deemed dividend provisions apply to shareholders, not non-shareholders. The order was pronounced on 04/01/2016. en-us Mon, 04 Jan 2016 00:00:00 +0530 Sun, 31 Jan 2016 23:14:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271286 The Tribunal allowed the assessee's appeal, dismissing the Revenue's appeal. It held that the interest expenses disallowed under Section 40A(2)(b) were regular business transactions without tax evasion intent. The addition on account of deemed dividend under Section 2(22)(e) was deleted as the assessee was not a shareholder in the lending company, in line with precedents. The Tribunal emphasized that deemed dividend provisions apply to shareholders, not non-shareholders. The order was pronounced on 04/01/2016. Case-Laws Income Tax Mon, 04 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271286