TMI Blog2016 (2) TMI 970X X X X Extracts X X X X X X X X Extracts X X X X ..... re P. Ltd. [2010 (3) TMI 323 - BOMBAY HIGH COURT ] has held that a person liable to pay tax on deemed dividend is the person who is the shareholder of the company advancing the loan. Admittedly, the respondent-assessee was not a shareholder of M/s. Arco Electro Technologies Pvt. Ltd. at the relevant time. - I. T. A. No. 2311 of 2013 - - - Dated:- 16-2-2016 - M. S. Sanklecha And B. P. Colabaw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... echnologies Pvt. Ltd. taxable, as deemed dividend under section 2(22)(e) of the Income-tax Act, 1961, ignoring the fact that the pro visions of section 2(22)(e) are squarely applicable to the assessee's case as also clarified in Central Board of Direct Taxes's Circular No. 495, dated September 22, 1987 ? (B) Whether on the facts and in the circumstances of the case and in law, the Tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... two of its shareholders held shares in excess of 10 per cent. in M/s. Arco Electro Technologies Pvt. Ltd. The Revenue has sought to tax the amount of ₹ 2.24 crores taken as a loan by the respondent-assessee as deemed dividend under section 2(22)(e) of the Act. 4. By the impugned order, the Tribunal dismissed the Revenue's appeal by its impugned order under challenge. It relied on the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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