https://www.taxtmi.com/caselaws?id=396291 Deemed dividend under section 2(22)(e) could not be sustained where the assessee produced the share transfer deed and annual return to show that he had ceased to hold the requisite beneficial interest in the lending company on the relevant date. The deeming fiction applies only when its foundational facts are proved, and it cannot rest on suspicion or account inconsistencies alone. The Tribunal also noted that the funds were moved within the group for business requirements, carried interest, and were linked to a commercial project, which indicated commercial expediency rather than a gratuitous benefit. On these facts, the addition was deleted. en-us Fri, 26 Jun 2020 00:00:00 +0530 Mon, 29 Jun 2020 09:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396291 Deemed dividend under section 2(22)(e) could not be sustained where the assessee produced the share transfer deed and annual return to show that he had ceased to hold the requisite beneficial interest in the lending company on the relevant date. The deeming fiction applies only when its foundational facts are proved, and it cannot rest on suspicion or account inconsistencies alone. The Tribunal also noted that the funds were moved within the group for business requirements, carried interest, and were linked to a commercial project, which indicated commercial expediency rather than a gratuitous benefit. On these facts, the addition was deleted. Case-Laws Income Tax Fri, 26 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396291