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2015 (10) TMI 177 - AT - Income TaxDeemed dividend u/s 2(22)(e) - CIT(A) deleted the addition - Held that:- The basis of the decision arrived at by the CIT(A) is the undisputed fact, that the assessee is not a shareholder of SMRL. In such a case import of provisions of section 2(22)(e) does not hold ground. For this, we may gainfully place reliance on the decision of ACIT vs Bhaumik Colour Pvt. Ltd. (2008 (11) TMI 273 - ITAT BOMBAY-E). Though the assessee has placed reliance of a number decisions of various fora, we, on the basis of the facts, are of the view that there is no infirmity in the order of the CIT(A), which we sustain. Consequentially, the ground as raised in the instant appeal, as filed by the department is rejected. - Decided in favour of assessee.
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