Section 2(22) of the Income-tax Act, 1961—Deemed dividend—Amounts received as share application by companies from companies in both of which the assessee has beneficial interest is not loans and advances for the purposes of invoking section 2(22)(e).

Facts: Whether Tribunal was justified in holding that the amounts received as share application by companies from companies in both of which the respondent assessee has beneficial interest, is not loans and advances for the purposes of invoking section 2(22)(e) ?"

Held, that Tribunal was justified in holding that the amounts received as share application by companies from companies in both of which the respondent assessee has beneficial interest, is not loans and advances for the purposes of invoking section 2(22)(e). - CIT V/s VIKAS OBEROI - [2018] 2 ITCD Online 118 (BOM)