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2014 (9) TMI 318 - HC - Income TaxDeemed dividend u/s 2(22)(e) – Loan or advance received – Held that:- Following the decision in Assistant Commissioner of Income Tax V/s. Bhaumik Colour (P)Ltd. [2010 (3) TMI 323 - BOMBAY HIGH COURT] - the Tribunal had found that as a matter of fact no loan or advance was granted to the assessee, since the amount had actually been defalcated and was not reflected in the book of account of the assessee - The fact that there was defalcation had been accepted since this amount was allowed as business loss - Even assuming that it was a dividend, it would have to be taxed not in the hand of the assessee but in the hands of the shareholder – Decided against revenue.
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