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2014 (8) TMI 1066 - AT - Income TaxDeemed dividend u/s. 2(22)(e) - Held that:- The assessee is holding registered shares to the tune of 10,99,300 in Mega Resources Ltd. and not 13,99,100 as alleged by the revenue. No doubt the total shareholding of the assessee in Mega Resources Ltd. is to the tune of 13,99,100 but registered shareholders are to the extent of 10,99,300. We have to see only the registered shareholding and not the beneficial shareholder. For this, the assessee has filed evidence before the lower authorities and even before us now. In such circumstances, this issue being covered by the Special Bench of this Tribunal, Mumbai Bench in the case of Bhaumik Colour P. Ltd.,[2008 (11) TMI 273 - ITAT BOMBAY-E ]. Respectfully following the same, we delete the addition and reverse the orders of the lower authorities. - Decided in favour of assessee.
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