https://www.taxtmi.com/caselaws?id=299586 The ITAT dismissed the revenue's appeal, ruling that Section 2(22)(e) of the Income Tax Act did not apply to the assessee company as it was not a registered shareholder in the lender company, J.P. Escon Ltd. The decision emphasized that for deemed dividend provisions to be applicable, the assessee must be a shareholder in the lending company. The cross-objection filed by the assessee was also dismissed as it became irrelevant after the revenue's appeal dismissal. en-us Thu, 11 Feb 2021 00:00:00 +0530 Tue, 21 Dec 2021 19:38:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299586 The ITAT dismissed the revenue's appeal, ruling that Section 2(22)(e) of the Income Tax Act did not apply to the assessee company as it was not a registered shareholder in the lender company, J.P. Escon Ltd. The decision emphasized that for deemed dividend provisions to be applicable, the assessee must be a shareholder in the lending company. The cross-objection filed by the assessee was also dismissed as it became irrelevant after the revenue's appeal dismissal. Case-Laws Income Tax Thu, 11 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299586