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2013 (5) TMI 714 - AT - Income TaxDeemed dividend u/s 2(22)(e) - Held that:- As decided in assessee's own case [2013 (5) TMI 148 - ITAT MUMBAI] that nowhere it is a case of the A.O. that the assessee-company is a shareholder of M/s. Alfa Distilleries P. Ltd. or M/s. Vulcan Distilleries P. Ltd. from whom the assessee took the lain and as the assessee is not the shareholder of those companies, no addition can be made in the hands of the assessee treating the advances / loans borrowed by the assessee company from those two companies as relying on Bhaumik Colours P. Ltd. [2008 (11) TMI 273 - ITAT BOMBAY-E] wherein held that in the light of the intention behind the provisions of section 2(22)(e) to extend the legal fiction to a case of loan or advance to a non-shareholder also, loan or advance to a non-shareholder cannot be taxed as deemed dividend in the hands of the a non shareholder - assessee’s appeal is allowed.
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