https://www.taxtmi.com/caselaws?id=186813 The Tribunal upheld the First Appellate Authority's decision to delete the addition of Rs. 3,76,21,851/- made under Section 2(22)(e) of the Income Tax Act. It ruled that the loan received should not be treated as deemed dividend as the conditions specified in the provision were not met. The Tribunal emphasized that the interest income earned by the lending company had already been taxed, and there was no basis to classify the loan amount as deemed dividend. The Revenue's appeal was dismissed, affirming the decision in favor of the assessee. en-us Thu, 16 May 2013 00:00:00 +0530 Wed, 29 Nov 2017 16:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186813 The Tribunal upheld the First Appellate Authority's decision to delete the addition of Rs. 3,76,21,851/- made under Section 2(22)(e) of the Income Tax Act. It ruled that the loan received should not be treated as deemed dividend as the conditions specified in the provision were not met. The Tribunal emphasized that the interest income earned by the lending company had already been taxed, and there was no basis to classify the loan amount as deemed dividend. The Revenue's appeal was dismissed, affirming the decision in favor of the assessee. Case-Laws Income Tax Thu, 16 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186813