https://www.taxtmi.com/caselaws?id=356111 The High Court held that the sum of Rs. 6.16 crores advanced by M/s Ginza Industries Ltd. to the assessee constituted deemed dividend under Section 2(22)(e) of the Income Tax Act, as it was not in the ordinary course of business but intended to share profits. Additionally, the disallowance of Rs. 43.50 lakhs paid as guarantee commission fee to M/s Adani Associates was upheld, as it was deemed to be a cover-up to avoid tax implications. The Court ruled in favor of the Revenue on both issues. en-us Tue, 20 Feb 2018 00:00:00 +0530 Thu, 31 May 2018 13:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356111 The High Court held that the sum of Rs. 6.16 crores advanced by M/s Ginza Industries Ltd. to the assessee constituted deemed dividend under Section 2(22)(e) of the Income Tax Act, as it was not in the ordinary course of business but intended to share profits. Additionally, the disallowance of Rs. 43.50 lakhs paid as guarantee commission fee to M/s Adani Associates was upheld, as it was deemed to be a cover-up to avoid tax implications. The Court ruled in favor of the Revenue on both issues. Case-Laws Income Tax Tue, 20 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356111