https://www.taxtmi.com/caselaws?id=433112 The judgment focused on the interpretation of section 2(22)(e) of the Income Tax Act regarding deemed dividend income. The court ruled in favor of the assessee, emphasizing that loans given for business purposes do not fall under deemed dividends. It highlighted the distinction between business loans and gratuitous advances, following established legal principles and case laws. The court directed the Assessing Officer to delete the addition made, ultimately allowing the assessee's appeal and setting aside the deemed dividend income addition. en-us Thu, 19 Jan 2023 00:00:00 +0530 Sat, 21 Jan 2023 08:51:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433112 The judgment focused on the interpretation of section 2(22)(e) of the Income Tax Act regarding deemed dividend income. The court ruled in favor of the assessee, emphasizing that loans given for business purposes do not fall under deemed dividends. It highlighted the distinction between business loans and gratuitous advances, following established legal principles and case laws. The court directed the Assessing Officer to delete the addition made, ultimately allowing the assessee's appeal and setting aside the deemed dividend income addition. Case-Laws Income Tax Thu, 19 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433112