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2016 (2) TMI 268 - AT - Income TaxDeemed dividend u/s 2(22)(e) - Held that:- As first appellate authority has examined the meaning of the expression “a company in which the public are substantially interested" within the meaning of the provisions of sec. 2(18) of the Act read with the relevant provisions of the Companies Act. There should not be any dispute that the provisions of sec 2(22)(e) are attracted only if the loan or advance is received from a company in which public are not substantially interested. Since the ADIPL does not fall in the category of “company in which public are not substantially interested”, we are of the view that the Ld CIT(A) was justified in holding that the provisions of sec. 2(22)(e) are not attracted. - Decided in favour of assessee
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