Held that the assessee was not a shareholder in said company from which it received loan, such loan amount could not be treated as deemed dividend. Merely because there were common shareholders in payer and payee company addition cannot be made as deemed dividend. (AY. 2009-10)
ITO v. Bajaj Herbals (P.) Ltd. (2021) 191 ITD 41 (Ahd.)(Trib.)
S. 2(22)(e) : Deemed dividend-Loans and advances to share holders-Common share holder-Not share holder from which it had received loan-Additions cannot be made.