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2016 (10) TMI 2 - AT - Income TaxDeemed dividend addition by applying the provisions of section 2(22)(e) - held that:- Since the Assessee in the present case is not a shareholder in the lender company, in the light of the intention behind the provisions of Sec.2(22)(e) and in the absence of indication in Sec.2(22)(e) to extend the legal fiction to a case of loan or advance to a non-shareholder also, we are of the view that loan or advance to a non-shareholder cannot be taxed as Deemed Dividend in the hands of a non-shareholder. - Decided in favour of assessee.
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