2016 (7) TMI 62

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..... ii) any advance or loan made to a shareholder [or the said concern] by a company in the ordinary course of its business, where the lending of money is a substantial part of the business of the company;” Mr. Bhowmick did not dispute that the findings, quoted above, do justify an inference that money lending is a substantial part of the business of M/s. DBPL. - Decided in favour of assessee - IT .....

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..... The following substantial question of law was formulated: Whether on the facts and in the circumstances of the case, the learned Tribunal was correct in law in holding that the money lending was a substantial part of the business of M/s. Dhandhania Brothers Pvt. Ltd. and the money borrowed from this company did not fall within the mischief of section 2(22)(e) of the Income Tax Act? Mr. .....

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..... ipal business of the company should be dealing in financial assets and the said guidelines are not applicable where substantial part of business is granting of loans. The correctness of the aforesaid findings was not assailed. Mr. Bhowmick has not disputed that all that was required to be established by the assessee was that the money obtained by way of loan from M/s. DBPL was not hit by the .....

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