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2014 (2) TMI 185 - HC - Income TaxDeemed Dividend u/s 2(22)(e) of the Act - Whether the company was dealing in lending of money or dealing in the business of lending of money and whether such business amounts to a substantial part of the business of the company – Held that:- There is a clear finding by the assessing officer as well as the appellate authorities that the company basically invest in shares and debentures and earns income by way of interest and dividend – thus, when the assessing officer forms an opinion based on the materials on record that the company was fully engaged in activities like investing in shares and debentures and earns income by way of interest and dividend, in the absence of any other materials, a different finding is not possible - Certain materials had been produced to indicate that subsequent to the assessment year, certain loans were given to other persons - Since the Tribunal and the first appellate authority have considered the entire facts of the case and confirmed the order of the assessing officer - there is no material to indicate that the appellant is entitled for the benefit of exclusion as stated in Section 2(22)(e)(ii) of the Income- tax Act – Decided against Assessee.
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