https://www.taxtmi.com/caselaws?id=188177 The appeal challenging the deletion of the addition under section 2(22)(e) of the Income-tax Act 1961 was dismissed. The Tribunal upheld the decision to not tax the loan amount as deemed dividend since the recipient was not a shareholder of the lending company. The appellant's argument citing Circular No. 495 was rejected, and it was established through case law that only shareholders are liable to pay tax on deemed dividends. The Tribunal's decision was based on established legal precedent, and no substantial question of law was found to arise for consideration. en-us Tue, 16 Feb 2016 00:00:00 +0530 Mon, 21 Nov 2016 13:06:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188177 The appeal challenging the deletion of the addition under section 2(22)(e) of the Income-tax Act 1961 was dismissed. The Tribunal upheld the decision to not tax the loan amount as deemed dividend since the recipient was not a shareholder of the lending company. The appellant's argument citing Circular No. 495 was rejected, and it was established through case law that only shareholders are liable to pay tax on deemed dividends. The Tribunal's decision was based on established legal precedent, and no substantial question of law was found to arise for consideration. Case-Laws Income Tax Tue, 16 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188177