Company's shareholding at previous year-end, not during year, decides substantial interest test under section 2(22)(e)

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....ITAT allowed the assessee's appeal, holding that for a company the substantial interest test under section 2(22)(e) is to be determined with reference to shareholding at the end of the previous year, not at any time during the year. The Tribunal found undisputed facts showing the assessee's shareholding fell from 22.06% on 30.04.2012 to 8.73% as at year-end relevant to AY 2013-14. Explanation 3(b) is confined to concerns other than companies and does not permit testing "at any time" for companies. Accordingly, the advance from the company to the assessee could not be characterised as a deemed dividend under section 2(22)(e), and the assessment addition was deleted.....