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2016 (7) TMI 62 - CALCUTTA HIGH COURTDeemed dividend u/s 2(22) - Held that:- All that was required to be established by the assessee was that the money obtained by way of loan from M/s. DBPL was not hit by the mischief of Section 2(22)(e). In order to do so, the assessee relied on 2(22)(e)(ii) which provides as follows: “ (ii) any advance or loan made to a shareholder [or the said concern] by a company in the ordinary course of its business, where the lending of money is a substantial part of the business of the company;” Mr. Bhowmick did not dispute that the findings, quoted above, do justify an inference that money lending is a substantial part of the business of M/s. DBPL. - Decided in favour of assessee
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