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2016 (2) TMI 970 - HC - Income TaxDeemed dividend under section 2(22)(e) - Held that:- The issue raised in the present case is no longer res integra as this court in the case of CIT v. Impact Containers P. Ltd. reported in [2014 (9) TMI 88 - BOMBAY HIGH COURT ] and in the case of CIT v. Universal Medicare P. Ltd. [2010 (3) TMI 323 - BOMBAY HIGH COURT ] has held that a person liable to pay tax on deemed dividend is the person who is the shareholder of the company advancing the loan. Admittedly, the respondent-assessee was not a shareholder of M/s. Arco Electro Technologies Pvt. Ltd. at the relevant time.
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