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2019 (9) TMI 1572 - ITAT MUMBAIDeemed dividend u/s 2(22)(e) - shareholder of M/s Gayatri Films & Music Pvt. Ltd viz. Mr.Jyoti Sagar (holding 21.06% shares) was also having substantial shareholding of 26.94% in the assessee company viz. M/s Sagar Arts Pvt. Ltd. - HELD THAT:- Admittedly, as is borne from the records, the assessee company is not a shareholder in M/s Gayatri Films & Music Pvt. Ltd. In fact, the entire issue hinges around the aspect as to whether any shareholder of M/s Gayatri Films & Music Pvt. Ltd. (holding not less than ten percent shares) was simultaneously during the year holding not less than twenty percent of equity shares in the assessee company viz. M/s Sagar Arts Pvt. Ltd., or not. As per the revenue, one common shareholder viz. Mr. Jyoti Sagar who was holding 21.06% shares in M/s Gayatri Films & Music Pvt. Ltd., was simultaneously having a 26.94% shareholding in the assessee company. We have perused the records and are unable to persuade ourselves to subscribe to the manner in which the shareholding of Mr. Jyoti Sagar in the assessee company and M/s Gayatri Films & Music Pvt. Ltd. has been worked out by the A.O - Decided against revenue.
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