1988 (12) TMI 55

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..... he Revenue. The first question referred at the instance of the Revenue is as follows : "Whether, on the facts and in the circumstances of the case and on a correct interpretation of section 2(22)(e) of the Income-tax Act, 1961, the Tribunal is right in holding that the addition of Rs. 5,75,154 made in the assessment for the assessment year 1971-72 as deemed dividend is unsustainable and in that .....

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..... So far as the first question is concerned, the law is well settled by the judgment of the Supreme Court in the case of Rameshwarlal Sanwarmal v. CIT [1980] 122 ITR 1 and also by the Division Bench of this court in the case of ITO v. Chandmull Batia [1978] 115 ITR 388. The first question raised at the instance of the Revenue is answered in the affirmative and against the Revenue. So far as the sec .....

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