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2012 (7) TMI 769 - ITAT, AHMEDABADDisallowance of depreciation on electric fittings - Held that:- As both the parties have not brought on record details of the Asset under question so as the issue can be completely adjudicated - thus it shall be in the interest of the justice to restore this issue back to the file of AO for proper verification. Addition on account of deemed dividend - Held that:- It is the definition of dividend which is enlarged by the deeming provision of s.2(22)(e) and not that of “shareholder” and, therefore, a concern which is given loan or advance by a company cannot be treated as shareholder/member of the latter simply because a shareholder of the lender company holding voting power of 10 per cent or more therein has substantial interest in such concern, and such loan or advance cannot be treated as deemed dividend under s.2(22)(e) at the hands of such a concern - the loan obtained by assessee-company in the “N” Trust had 20% share holding from a company in which “N” Trust had 10% share holding, could not be taxed as deemed dividend u/s.2(22)(e) since “N” Trust was only a registered shareholder and not a beneficial shareholder - in favour of assessee.
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