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 o

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