https://www.taxtmi.com/caselaws?id=336652 The court held that the loans received by the assessee company should be treated as deemed dividends under Section 2(22)(e) of the Income Tax Act, 1961. The exception under sub-clause (ii) did not apply as money lending was not a substantial part of the lender's business. Deemed dividends are not exempt under Section 10(34) read with Section 115-O and remain taxable in the recipient's hands. The appeals were dismissed, and the ITAT's order was upheld. en-us Thu, 22 Dec 2016 00:00:00 +0530 Mon, 08 Aug 2022 15:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=336652 The court held that the loans received by the assessee company should be treated as deemed dividends under Section 2(22)(e) of the Income Tax Act, 1961. The exception under sub-clause (ii) did not apply as money lending was not a substantial part of the lender's business. Deemed dividends are not exempt under Section 10(34) read with Section 115-O and remain taxable in the recipient's hands. The appeals were dismissed, and the ITAT's order was upheld. Case-Laws Income Tax Thu, 22 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=336652