Loan for Commercial Consideration & Business Expediency not attracts Deemed Dividend Provisions

Yogesh Mehra Vs DCIT (ITAT Mumbai) Co-ordinate Bench has given categorical finding that all these loans and advances given to different companies by other companies are in the nature of loans and advances out of commercial consideration and business expediency. The co-ordinate Bench has given detailed reasons which stated that company has purchased land in the name of related companies for the purpose of setting up Wind farm and therefore, there is loan and advances in the land holder companies for business purposes. While holding so, the co-ordinate Bench also relied on several judicial prece...