Dismissing the appeal of the revenue the Court held that, Tribunal was justified in holding that the amount received as share application money by companies from companies in both of which assessee had beneficial interest, was not loan and advances for purposes of invoking section 2(22)(e) of the Act. (AY. 2002-03, 2004-05, 2005-06, 2007-08)
PCIT v. Vikas Oberoi (2020) 115 taxmann.com 260 (Bom.) (HC) Editorial : SLP of revenue is dismissed PCIT v. Vikas Oberoi (2020) 272 Taxman 188 (SC
S. 2(22)(e): Deemed dividend-Loans and advances to shareholders-Amount received as share application money by companies from companies in both of which assessee had beneficial interest, was not loan and advances-Addition cannot be made as deemed dividend. (S.260A)