ICDs do not come within purview of deemed dividend under section 2 (22)(e) of IT Act

Advertisement RELEVANT PARAGRAPHS : 10. We have heard the rival submissions and perused the material on record. The authorities below have not controverted the claim of the assessee company that the amount received from above three companies is inter-corporate deposits. The Assessing Officer held against the assessee only on account that it had failed to explain, the investment is neither loan or advance. It is a settled position that deposits cannot be equated with loans or advances. The Jurisdictional High Court in the Durga Prasad Mandelia and Others vs. Registrar of Companies, Maharasht...