https://www.taxtmi.com/caselaws?id=338079 The Tax Appeal was dismissed as the Court upheld the Tribunal's decision to delete the addition of deemed dividend income under Section 2(22)(e) of the Income Tax Act. The Court found that since the appellant was not a shareholder in the company to whom the loan was given, the addition of deemed dividend income was not justified. The Court emphasized the requirement that the assessee-company must be a shareholder in the lending company and hold at least 10% of the voting power for Section 2(22)(e) to apply. en-us Thu, 12 Jan 2017 00:00:00 +0530 Tue, 24 Jan 2017 08:36:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338079 The Tax Appeal was dismissed as the Court upheld the Tribunal's decision to delete the addition of deemed dividend income under Section 2(22)(e) of the Income Tax Act. The Court found that since the appellant was not a shareholder in the company to whom the loan was given, the addition of deemed dividend income was not justified. The Court emphasized the requirement that the assessee-company must be a shareholder in the lending company and hold at least 10% of the voting power for Section 2(22)(e) to apply. Case-Laws Income Tax Thu, 12 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338079