Court Confirms ITAT Decision on Proportional Division of Deemed Dividends u/s 2(22)(e) of Income Tax Act.

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....Deemed dividend u/s 2(22)(e) - assessee was holding more than 10% shareholding in M/s MLPL (the lender company) and also having a substantial interest in M/s OFPL (the borrowing company) - ITAT divided the deemed dividend proportionally - order of ITAT confirmed.....