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2017 (2) TMI 226 - HC - Income TaxDeemed dividend addition u/s 2(22)(e) - assessee held more than 90% shares of the lending company - Held that:- It is an admitted position that neither BVCPL was the shareholder in the BOPL nor the BOPL was shareholder in the BVCPL. Under the circumstances, merely because the assessee was a common shareholder in BVCPL and BOPL, the loan given by the BVCPL to BOPL could not have been treated as deemed dividend under Section 2(22)(e) of the Act in the hands of the assessee. Delhi High Court in the case of CIT vs. Ankitech Pvt Ltd (2011 (5) TMI 325 - DELHI HIGH COURT) confirmed the deletion made by the learned Tribunal by holding that from whom loan and advance was taken by the assessee must be shareholder in the assessee company. - Decided in favour of assessee
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