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2018 (6) TMI 1235 - HC - Income TaxDeemed dividend u/s 2(22)(e) - nature of receipt of sum from a company in which assessee is having 25.24% holding - assessee’s case that the same formed part of transactions in mutual or current account - assessee claimed that it was not loan or advance - Held that:- there is a clear finding of fact by the two statutory appellate fora that the assessee was beneficiary of the sums given by the company at some point of time and the company was beneficiary of the sums given by the assessee at another point of time. This finding given by the two statutory appellate fora distinguishes the present case from the factual basis of the decision in the case of Mukundray K. Shah [2007 (4) TMI 201 - SUPREME COURT]. The ratio of that decision thus does not apply in the facts of the case giving rise to this appeal. In this factual and legal perspective, in our opinion payment of the aforesaid sums to the assessee cannot be treated as dividend out of profit. No perversity has been pointed out on behalf of the Revenue so far as such a concurrent finding of fact is concerned by the two statutory appellate fora. We are not inclined to disturb such finding of fact, which the Tribunal has backed with detailed analysis. - Decided in favour of assessee.
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