Money lending business is exception to deemed dividend provisions

Court :Bombay High Court

Citation : M/s Parle Plastics Ltd. (Taxpayer) [ITA No. 37 of 2002]

Brief : The issue before the HC relates to certain provisions in the Indian Tax Laws (ITL) that provide for taxability, as dividend, of certain advances or loans made by a company to another concern when the lender/borrower have a common shareholder with substantial interest (deemed dividend provisions). However, advance or loan is not treated as deemed dividend if it is made by the lending company in

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