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2010 (10) TMI 605 - AT - Income TaxAddition - Exemption in clause (ii) of sub section 2(22)(e) - Deemed dividend - Since, the assessee contended that money lending and granting of loans was a substantial part of the business of M/s MGS India Pvt. Ltd, due to which, exemption u/s 2(22)(e)(ii) of the Act would be available to the assessee company - Held that:- as per the case of "CIT vs. Ambassador Travel Pvt. Ltd.",[2008 -TMI - 75003 - DELHI HIGH COURT], wherein, it was observed that where the assessee was involved in the booking of resorts for the customers of the companies and entered into normal business transactions as a part of day-to-day business activities, the financial transactions could not be treated as loans or advances received by the assessee from the two concerns - Decided in favour of assessee.
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