https://www.taxtmi.com/caselaws?id=331695 The Tribunal ruled in favor of the assessee-company, holding that the loans received did not constitute deemed dividends under Section 2(22)(e) of the Income Tax Act as the assessee was not a shareholder in the lending companies. The Tribunal allowed the appeal, stating that deemed dividend tax is applicable only to shareholders. The department was advised to pursue appropriate legal action against the actual shareholder for taxing the deemed dividend. en-us Wed, 20 Jul 2016 00:00:00 +0530 Wed, 31 Aug 2016 09:04:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331695 The Tribunal ruled in favor of the assessee-company, holding that the loans received did not constitute deemed dividends under Section 2(22)(e) of the Income Tax Act as the assessee was not a shareholder in the lending companies. The Tribunal allowed the appeal, stating that deemed dividend tax is applicable only to shareholders. The department was advised to pursue appropriate legal action against the actual shareholder for taxing the deemed dividend. Case-Laws Income Tax Wed, 20 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331695