https://www.taxtmi.com/caselaws?id=271421 The ITAT dismissed the revenue's appeal, upholding the CIT (A)'s decision to delete the addition of Rs. 2,70,00,000/- made by the AO under section 2(22)(e) of the Income-tax Act, 1961. The ITAT concluded that the lender companies were public limited companies in which the public were substantially interested and were also NBFCs, thus excluded from the deeming provision of section 2(22)(e). en-us Fri, 29 Jan 2016 00:00:00 +0530 Sat, 30 Apr 2016 12:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271421 The ITAT dismissed the revenue's appeal, upholding the CIT (A)'s decision to delete the addition of Rs. 2,70,00,000/- made by the AO under section 2(22)(e) of the Income-tax Act, 1961. The ITAT concluded that the lender companies were public limited companies in which the public were substantially interested and were also NBFCs, thus excluded from the deeming provision of section 2(22)(e). Case-Laws Income Tax Fri, 29 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271421