Deemed Dividend applicable if Assessee diverted amount received for procuring Import Licenses for Share purchase

CIT Vs. M/s Prasidh Leasing Limited (Delhi High Court)   1. The following questions of law arise in this appeal: “1. Whether the Tribunal was right in holding that the advance of a sum of 6.16 crores made by M/s Ginza Industries Ltd. to the assessee cannot be taxed as deemed· dividend without returning a finding that the lending of money was the substantial part of the business of the said company (M/s Ginza Industries Ltd); 2. Whether the Tribunal was right in holding that the Assessing Officer had wrongly made dis allowance of 43.50 paid by the assessee to M/s Adani Associates towar...