https://www.taxtmi.com/caselaws?id=391526 The High Court upheld the Tribunal's decision, ruling that the loans and advances received by the assessee from the companies were in the ordinary course of business. It was found that the creditor companies were significantly engaged in money lending activities, exempting the transactions from the provisions of Section 2(22)(e) of the Income Tax Act. The Court dismissed the Revenue's appeal, affirming that no substantial question of law arose, and upheld the Tribunal's decision, resulting in the appeal's dismissal. en-us Mon, 20 Jan 2020 00:00:00 +0530 Wed, 19 Aug 2020 13:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391526 The High Court upheld the Tribunal's decision, ruling that the loans and advances received by the assessee from the companies were in the ordinary course of business. It was found that the creditor companies were significantly engaged in money lending activities, exempting the transactions from the provisions of Section 2(22)(e) of the Income Tax Act. The Court dismissed the Revenue's appeal, affirming that no substantial question of law arose, and upheld the Tribunal's decision, resulting in the appeal's dismissal. Case-Laws Income Tax Mon, 20 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391526