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High Court Rules Loans by Finance Company Not Taxable as Deemed Dividends u/s 2(22)(e) Due to Lending Focus.

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Full Text of the Document

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....Deemed dividend u/s 2(22)(e) - The break up of different kinds of loans and advances indicated by the said Finance Company in its balance sheet was for its convenience. The fact remains that the Finance Company was substantially carrying on the business of lending money which was its main business. - Not taxable - HC....

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