https://www.taxtmi.com/caselaws?id=377085 The Tribunal concluded that the provisions of Section 2(22)(e) of the Income Tax Act were not applicable to the assessee as they were neither a registered nor beneficial shareholder of the lender company. Therefore, the addition of Rs. 1,29,61,420 made on account of deemed dividend was directed to be deleted. Additionally, the issue of bogus purchases amounting to Rs. 4,09,657 was dismissed as not being pressed. As a result, the appeal of the assessee was partly allowed with the deletion of the deemed dividend addition and the dismissal of the bogus purchases issue. en-us Thu, 07 Feb 2019 00:00:00 +0530 Fri, 22 Mar 2019 07:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377085 The Tribunal concluded that the provisions of Section 2(22)(e) of the Income Tax Act were not applicable to the assessee as they were neither a registered nor beneficial shareholder of the lender company. Therefore, the addition of Rs. 1,29,61,420 made on account of deemed dividend was directed to be deleted. Additionally, the issue of bogus purchases amounting to Rs. 4,09,657 was dismissed as not being pressed. As a result, the appeal of the assessee was partly allowed with the deletion of the deemed dividend addition and the dismissal of the bogus purchases issue. Case-Laws Income Tax Thu, 07 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377085