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2014 (4) TMI 780 - AT - Income TaxApplicability of section 2(22)(e) of the Act – Deemed dividend - Transaction with subsidiary company – Held that:- Relying upon Commissioner of Income-tax Versus Parle Plastics Ltd. [2010 (9) TMI 726 - BOMBAY HIGH COURT] - various factors and circumstances need to be looked into while considering whether a part of the business of the company is its substantial business - CIT(A) appears to have not properly appreciated the submissions made before him in the form of written submissions - the AO as well as the CIT(A) considered the expression ‘substantial part’ only with reference to the amount of income, i.e. whether major part of the income is from inter corporate deposit or not and did not appreciate the other factors but the fact remains that even to consider an activity as substantial part of its business activity various other factors are to be looked – thus, the matter is remitted back to the CIT(A) to obtain the details of BSPL and analyse as to whether the loan was given in the ordinary course of its business and whether it was a substantial activity or not – Decided in favour of Assessee.
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