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2015 (4) TMI 637 - HC - Income TaxDeemed dividend under Section 2(22)(e) - money received by a company, on account of the share premium - Held that:- In the case before us the provisions contained in Section 78 of the Companies Act, 1956 are applicable. It is interesting to note that it was not also the case of the revenue that from out of the moneys received on account of share premium dividend was declared as was done in the case of Bharat Fire And General Insurance (1964 (4) TMI 44 - SUPREME COURT OF INDIA). Income Tax Appellate Tribunal was justified in law in deleting the addition made by the Assessing Officer under Section 2(22)(e) of the Income Tax Act, 1961. For the aforesaid reasons the question formulated at the time of admission of the appeal is answered in the affirmative and against the revenue.
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