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2018 (12) TMI 1825 - AT - Income TaxDeemed dividend u/s 2(22)(e) - loans/advances given by the company to the assessee, when the assessee mortgaged his property as a guarantee for the company to take loan of higher amount from the banks - HELD THAT:- It is evident that in case of non-gratuitous advances, the provisions of section 2(22)(e) of the Act has no application. It is not the case of the Revenue that the loan taken by the assessee from the company constitutes gratuitous advances. The facts of the company taking loan from the Bank against the guarantee of property of the assessee and given loan of ₹ 2.35 crore to the assessee are undisputed. Therefore, we are of the opinion that the decision given by the CIT(A) in his order is fair and reasonable and does not call for any interference. - Decided against revenue.
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