Court Interprets Deemed Dividend u/s 2(22)(e) for Shareholders with Indirect Benefit from Company Payments.

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....Deemed dividend u/s 2(22)(e) - beneficial owner of 30% - The plea of the assessee that no direct payment was made by the company to the assessee has no relevance as the case of the assessee falls within the third limb i.e. payment on behalf or for the individual benefit of the shareholder.... - AT....