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2014 (2) TMI 181 - HC - Income TaxScope of Section 2(22)(e) of the Act Deemed dividend - Unsecured loan received as Intercorporate deposits Held that:- For the assessment year 2003-04 landed before learned Tribunal, counsel for both the Revenue and the assessee conceded that the issue involved in the appeal has already been adjudicated upon and decided in CIT v. Sharman Woolen Mills Ltd. [2011 (9) TMI 752 - PUNJAB AND HARYANA HIGH COURT] wherein it has been held that loan advanced to the assessee-company cannot be treated as dividend in terms of section 2(22) (3) of the Income-tax Act, if the assessee is not a shareholder of the lending company. For the assessment year 2004-05, the Tribunal while dismissing the appeal of the Revenue, simply took note of the fact that the issue in dispute already stands decided by the learned Tribunal in favour of the assessee's in his own assessment year 2003-04 the appeals do not warrant any indulgence on facts which aspect has been duly taken care of by the CIT(A) and ITAT thus, there was no substantial question of law arising in the present two appeals for adjudication Decided against Revenue.
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