Dismissing the appeal of the revenue the Court held that since the assessee was not a shareholder in a company from which loan was received hence loan cannot be assessed as deemed dividend . ( AY. 2009-10)
CIT v. Checkpoint Apparel Labelling Solutions ( India ) Ltd ( 2020) 120 taxmann.com 125 ( Mad) (HC)
S. 2(22)(e):Deemed dividend – Share holder – Not a shareholder in a company from which loan was received – Loan amount cannot be assessed as deemed dividend