Asst Cit 7(2), Mumbai vs Sunjewels Internatonal P. Ltd, Mumbai on 21 August, 2018
In so far as addition made towards deemed dividend under
Section 2(22)(e) of the Act, the CIT(A) held that the issue has been
considered by the Hon'ble Bombay High Court in the case of Universal
Medicare Pvt. Ltd. vs. CIT 190 Taxman 144 wherein under similar set of
facts held that intercorporate loans received in normal course of business
4 ITA Nos. 5549 & 5971/Mum/2014
M/s. Sunjewelas International P. Ltd.