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2011 (11) TMI 232 - HC - Income TaxValidity of invoking provisions of 2(22)(e) - Deemed Dividend – assessee company receiving unsecured loan from sister concern having one commom shareholder holding substantial interest in both companies – Held that:- Division Bench of Court in case of CIT v. Ankitech (P.) Ltd (2011 - TMI - 206078 - DELHI HIGH COURT) has held that an assessee who was not a shareholder of the company from which it received a loan or an advance cannot be treated as covered by the definition of the word "dividend" as contained in sec.2(22)(e) of the Act. In the present case, assessee-company is not a shareholder in sister concern therefore, the aforesaid judgment fully applies to the present case. - Decided against the Revenue.
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