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2019 (12) TMI 1561 - ITAT CHANDIGARHDeemed dividend addition u/s 2(22)(e) - loan received by assessee - HELD THAT:- It is an admitted fact that M/s Punjab Metallic Pvt. Ltd. is not a share holder of the assessee company from whom the loan was received by the assessee. Therefore the amount of loan cannot be treated as a deemed dividend under section 2(22)(e) of the Act, in the hands of the assessee company as per the ratio laid down by the Hon'ble Jurisdictional High Court in the case of CIT Vs. Sharman Woolen Mills Ltd.[2011 (9) TMI 752 - PUNJAB AND HARYANA HIGH COURT] - Thus impugned addition made by the A.O. and sustained by the Ld. CIT(A) is deleted. - Decided in favour of assessee.
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