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2019 (6) TMI 1263 - HC - Income TaxDeemed dividend u/s 2(22)(e) - loans given to the assessee by company wherein assessee holds 22.3% share holdings - HELD THAT:- In the case of Schutz Dishman Bio-Tech Private Limited [2016 (1) TMI 84 - GUJARAT HIGH COURT] held that the amounts were not in the nature of Inter Corporate Deposits and were, therefore, not to be treated as loans or advances as contemplated in Section 2(22)(e) of the Act. The Revenue is pressing for admission of this Tax Appeal only with regard to the transaction with B.R. Laboratories Private Limited. Therefore, we are not inclined to entertain this Appeal so far as the transaction with Schutz Dishman Bio-Tech Private Limited is concerned. We re-frame the question no.1 as - “Whether the Appellate Tribunal has erred in law and on facts in deleting the addition of ₹ 16,03,933=00 made on account of the deemed dividend under Section 2(22)(e) of the Act for the Assessment Year 2005-06 in so far as the transaction with B.R. Laboratories Private Limited is concerned ?”
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