1978 (2) TMI 22 - HC - Income Tax

Summary

The High Court of Madras held that no amount could be taxed under section 2(6A)(e) of the Indian Income-tax Act, 1922 as the loan was given to HUFs, not shareholders. The court ruled that the HUFs could not be taxed on any deemed income under this provision. The decision was based on previous court rulings and the case law.