Case Law Details
Case Name : PCIT Vs Mohan Bhagwatprasad Agrawal (Gujarat High Court)
Related Assessment Year :
Courts :
All High Courts Gujarat High Court
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PCIT Vs Mohan Bhagwatprasad Agrawal (Gujarat High Court)
Conclusion: No addition could be made by way of deemed dividend in case advances or loan made to a share holder by the Company in the ordinary course of business where lending of money was a substantial part of the business of the Company.
Held: AO made a disallowance as deemed dividend under Section 2(22)(e) as assessee was having 11.61% of share holding in M/s. Shreem Design & Infrastructure Pvt. Ltd. (“SDIPL”)
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