https://www.taxtmi.com/caselaws?id=37021 The High Court partially ruled in favor of the revenue and partially in favor of the assessee in a case involving deemed dividends and permissible deductions under the Income-tax Act, 1961. The Court held that Rs. 75,000 constituted deemed dividend under section 2(22)(e) due to its benefit to the assessee, while Rs. 2,00,000 did not qualify as such. The Court disallowed the interest deduction for the Rs. 75,000 loan but directed a reconsideration for the remaining amount. The case was concluded without any order as to costs. en-us Thu, 29 Mar 1979 00:00:00 +0530 Fri, 26 Mar 2010 10:34:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37021 The High Court partially ruled in favor of the revenue and partially in favor of the assessee in a case involving deemed dividends and permissible deductions under the Income-tax Act, 1961. The Court held that Rs. 75,000 constituted deemed dividend under section 2(22)(e) due to its benefit to the assessee, while Rs. 2,00,000 did not qualify as such. The Court disallowed the interest deduction for the Rs. 75,000 loan but directed a reconsideration for the remaining amount. The case was concluded without any order as to costs. Case-Laws Income Tax Thu, 29 Mar 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37021