Dismissing the appeal of the revenue, the Court held that; the sums received as share application money by companies from companies in both of which the assessee had beneficial interest were not loans and advances for the purposes of invoking section 2 (22) (e) of the Act (AY. 2002-03 to 2007-08)
CIT v. Vikas Oberoi (2017) 396 ITR 215 / ( 2020) 115 taxmann.com 260 (Bom.) (HC) Editorial : SLP is dismissed due to low tax effect ,CIT v. Vikas Oberoi (2017) 393 ITR 74 (St.)/ (2020) 115 taxmann.com 261 /272 Taxmann.188 (SC)
S. 2(22)(e) : Deemed dividend—Share application money received by companies from other companies—Additions cannot be made as deemed dividend.