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2015 (7) TMI 1383 - SC ORDERDeemed dividend u/s 2(22)(e) - Loan or advance received - as per HC no loan or advance was granted to the assessee, since the amount had actually been defalcated and was not reflected in the book of account of the assessee - The fact that there was defalcation had been accepted since this amount was allowed as business loss - Even assuming that it was a dividend, it would have to be taxed not in the hand of the assessee but in the hands of the shareholder - HELD THAT:- Leave grated.
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