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2012 (11) TMI 749 - AT - Income TaxDeemed dividend - Addition u/s 2(22)(e) of the Income Tax Act - assessee company received a sum of Rs. 2,08,50,000/- from M/s. Dugar Growth Funds (P) Ltd. for investment - Held that:- Since the assessee is not shareholder in this case therefore in view of the jurisdictional high Court’s decision addition is not called for in the hands of the assessee. Therefore action of Ld. CIT(A) deleting the impugned addition is upheld and appeal of the revenue is dismissed. However AO is expected and directed to take necessary steps so that income could not escape assessment as it is to be treated as deemed dividend u/s 2(22)(e) in the hands of the said concerned person.
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