Dismissing the appeal of the revenue the Court held that ,substantial business of the assessee is money lending hence ,loan to share holder is not assessable as deemed dividend . ( AY. 2000-01)
CIT v. Bharat Hotels Ltd ( 2019) 410 ITR 417 (Delhi) (HC)
S. 2(22)(e):Deemed dividend- Share holder – Substantial business is money lending – Loan not assessable as deemed dividend .