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2015 (6) TMI 1247 - AT - Income TaxDeemed dividend u/s 2(22)(e) - money was received by M/s Laxmi Diamond from the director which is to be kept in a separate account and the loan given to the assessee was given in the capacity of a share-holder which is to be assumed a deemed dividend - According to the assessee, there is debit balance in the accounts of the company rather it is the assessee who has to receive from the company, thus the company has no credit balance in the accounts of the assessee section 2(22)(e) is not applicable - CIT-A deleted the addition - HELD THAT:- If we take a consolidated figure of all the accounts then it is the assessee, whose credit balance is there in the company. AO has treated the account in the name of director separately and did not consider the credit balance along with the account in the capacity of share holder. Thus, there is no disparity on facts. The identical issue was considered in the case of assessee’s farther. Therefore, respectfully following the decision of Hon’ble jurisdictional High Court[2014 (4) TMI 1290 - GUJARAT HIGH COURT] we do not see any reason to interfere in the finding of ld. Commissioner of Income Tax (Appeals). - Decided against revenue.
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