https://www.taxtmi.com/caselaws?id=179921 The ITAT Mumbai partially allowed the appeal, deleting the addition of deemed dividend of Rs. 28,74,875 under section 2(22)(e) of the Income Tax Act, 1961. The appellant successfully argued that since it was not a shareholder in Tainwala Holdings Pvt. Ltd., the amount received from them could not be taxed as deemed dividend in its hands, citing the judgment of the Hon'ble Bombay High Court. The Revenue did not contest this, resulting in the deletion of the said amount from the appellant's tax liability. en-us Fri, 21 Aug 2015 00:00:00 +0530 Wed, 16 Mar 2016 16:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179921 The ITAT Mumbai partially allowed the appeal, deleting the addition of deemed dividend of Rs. 28,74,875 under section 2(22)(e) of the Income Tax Act, 1961. The appellant successfully argued that since it was not a shareholder in Tainwala Holdings Pvt. Ltd., the amount received from them could not be taxed as deemed dividend in its hands, citing the judgment of the Hon'ble Bombay High Court. The Revenue did not contest this, resulting in the deletion of the said amount from the appellant's tax liability. Case-Laws Income Tax Fri, 21 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179921