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2015 (11) TMI 1009 - ITAT KOLKATADeemed dividend u/s Sec.2(22)(e) - BAPL gave money to the Assessee and was of the view that the same was “Loan or Advance” within the meaning of Sec.2(22)(e) of the Act by a company (BAPL) to a person who holds substantial interest in the company (BAPL) and had to be brought to tax as deemed dividend to the extent the company possesses accumulated profits - CIT(A) deleted the addition - Held that:- In the present case the transactions in question does not benefit the shareholder i.e., the Assessee alone and the results in no benefit to the Company BAPL. The loan account is different from a current account with a shareholder and the transactions between the Assessee and BAPL are in the nature of current account and provisions of Sec.2(22)(e ) of the Act will not be applicable to the case of the Assessee. We therefore concur with the decision of the CIT(A) and dismiss the appeal of the Revenue. - Decided in favour of assessee.
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