Dismissing the appeal of the revenue the Court held that, the payment had been made to the assessee, a firm, which was not a shareholder in the company. Order of Tribunal is affirmed. (AY. 2012-13, 2014-15)
CIT v. T. Abdul Wahid and Co. (2020) 428 ITR 456 / 275 Taxman 101 / ( 2021 ) 199 DTR 515(Mad.)(HC)
S. 2(22)(e) : Dividend-Deemed dividend-Not a share holder of lender company–Loan not assessable as deemed dividend.