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Commissioner of Income Tax, Kolkata Versus R.D. Fan Limited

2016 (7) TMI 62 - CALCUTTA HIGH COURT

Deemed 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) .....

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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 - ITA 156 of 2010 - Dated:- 9-6-2016 - Girish Chandra Gupt .....

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Kolkata in ITA No.553 (Kol) of 2009 pertaining to the assessment year 2006-07 by which the learned Tribunal allowed an appeal preferred by the assessee and held that the loan obtained by the assessee from M/s. DBPL did not fall within the mischief of .....

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n of law was formulated: Whether on the facts and in the circumstances of the case, the learned Tribunal was correct in law in holding that the money lending was a substantial part of the business of M/s. Dhandhania Brothers Pvt. Ltd. and the money b .....

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as arrived at the following findings: [a] It was nowhere disputed by the authorities below that M/s. DBPL was carrying on money lending business also. [b] Since the interest earned on loans and advances in the case of M/s. DBPL is accepted by the rev .....

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y lending/finance and such source of income is also accepted by the A.O. [d] It may also be noted as per RBI guidelines, the principal business of the company should be dealing in financial assets and the said guidelines are not applicable where subs .....

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