https://www.taxtmi.com/caselaws?id=177668 The ITAT allowed the appeal of the assessee and deleted the addition of Rs. 50,000 as deemed dividend under Section 2(22)(e) of the Income Tax Act, as the assessee was not a shareholder of the lending company. The ITAT held that deemed dividend can only be assessed in the hands of a person who is a shareholder of the lending company, clarifying the application of the relevant provisions of the Income Tax Act, 1961. en-us Fri, 05 Mar 2010 00:00:00 +0530 Thu, 14 Jan 2016 17:05:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177668 The ITAT allowed the appeal of the assessee and deleted the addition of Rs. 50,000 as deemed dividend under Section 2(22)(e) of the Income Tax Act, as the assessee was not a shareholder of the lending company. The ITAT held that deemed dividend can only be assessed in the hands of a person who is a shareholder of the lending company, clarifying the application of the relevant provisions of the Income Tax Act, 1961. Case-Laws Income Tax Fri, 05 Mar 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177668