https://www.taxtmi.com/caselaws?id=300846 The Tribunal upheld the CIT(A)'s decision, dismissing the Revenue's appeals. It was determined that the amounts received were Inter Corporate Deposits (ICDs) for business expediency, not falling under deemed dividend u/s 2(22)(e). As the assessee was not a registered shareholder, the provisions of section 2(22)(e) did not apply. Therefore, the Tribunal concluded that the additions made by the AO were deleted rightfully. en-us Thu, 30 Jun 2011 00:00:00 +0530 Mon, 28 Feb 2022 12:20:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300846 The Tribunal upheld the CIT(A)'s decision, dismissing the Revenue's appeals. It was determined that the amounts received were Inter Corporate Deposits (ICDs) for business expediency, not falling under deemed dividend u/s 2(22)(e). As the assessee was not a registered shareholder, the provisions of section 2(22)(e) did not apply. Therefore, the Tribunal concluded that the additions made by the AO were deleted rightfully. Case-Laws Income Tax Thu, 30 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300846