https://www.taxtmi.com/caselaws?id=374832 The Court ruled in favor of the assessee company, holding that the loans obtained from related companies did not constitute deemed dividends under Section 2(22)(e) of the Income Tax Act, 1961. The Court emphasized that since the loans were given to the assessee company and not to the shareholder directly, the provision did not apply. The Court upheld the decisions of the CIT(A) and the ITAT, concluding that the second limb of Section 2(22)(e) was not triggered in this case. The appeal was disposed of with no order as to costs. en-us Fri, 08 Feb 2019 00:00:00 +0530 Tue, 12 Mar 2019 15:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374832 The Court ruled in favor of the assessee company, holding that the loans obtained from related companies did not constitute deemed dividends under Section 2(22)(e) of the Income Tax Act, 1961. The Court emphasized that since the loans were given to the assessee company and not to the shareholder directly, the provision did not apply. The Court upheld the decisions of the CIT(A) and the ITAT, concluding that the second limb of Section 2(22)(e) was not triggered in this case. The appeal was disposed of with no order as to costs. Case-Laws Income Tax Fri, 08 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374832