https://www.taxtmi.com/caselaws?id=329464 The High Court of Calcutta dismissed the revenue's appeal in a case concerning the interpretation of Section 2(22)(e) of the Income Tax Act. The Court upheld the Tribunal's decision that a loan obtained from a company engaged in money lending business fell within an exception under the Act. The Court emphasized the company's substantial involvement in money lending, as supported by its memorandum and the revenue department's acknowledgment. The judgment highlights the significance of accurately assessing a company's business activities to determine the applicability of tax provisions, leading to the dismissal of the appeal in favor of the assessee. en-us Thu, 09 Jun 2016 00:00:00 +0530 Sat, 02 Jul 2016 12:10:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329464 The High Court of Calcutta dismissed the revenue's appeal in a case concerning the interpretation of Section 2(22)(e) of the Income Tax Act. The Court upheld the Tribunal's decision that a loan obtained from a company engaged in money lending business fell within an exception under the Act. The Court emphasized the company's substantial involvement in money lending, as supported by its memorandum and the revenue department's acknowledgment. The judgment highlights the significance of accurately assessing a company's business activities to determine the applicability of tax provisions, leading to the dismissal of the appeal in favor of the assessee. Case-Laws Income Tax Thu, 09 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329464