https://www.taxtmi.com/caselaws?id=341155 The High Court upheld the decision of the Commissioner of Income Tax (Appeals) ruling in favor of the assessee, determining that the accumulated profit was not taxably treated as deemed dividend under Section 2(22)(e) of the Income Tax Act, 1961. The Court emphasized that the financing business of the company constituted a substantial business, as supported by financial data and the memorandum of association. The Court also declined to admit the Revenue's appeal challenging the lower authorities' decisions, citing procedural irregularities and lack of substantial questions of law. en-us Fri, 03 Mar 2017 00:00:00 +0530 Mon, 03 Apr 2017 07:28:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341155 The High Court upheld the decision of the Commissioner of Income Tax (Appeals) ruling in favor of the assessee, determining that the accumulated profit was not taxably treated as deemed dividend under Section 2(22)(e) of the Income Tax Act, 1961. The Court emphasized that the financing business of the company constituted a substantial business, as supported by financial data and the memorandum of association. The Court also declined to admit the Revenue's appeal challenging the lower authorities' decisions, citing procedural irregularities and lack of substantial questions of law. Case-Laws Income Tax Fri, 03 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341155