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2016 (7) TMI 1345 - GUJARAT HIGH COURTDeemed dividend addition u/s 2(22)(e) - percentage of share holding - ITAT deleted the addition - Held that:- The Tribunal has relied on the judgement in case of Commissioner of Income tax v. Daisy Packers (P) Ltd.[2015 (7) TMI 253 - GUJARAT HIGH COURT] wherein held held that if the assessee company does not hold a share in other company from which it had received deposit then it cannot be treated tobe a deemed dividend under Section 2(22)(e)of the Act. In view of this admitted position that assessee is not a shareholder in Amigo Brushes Pvt. Ltd. and therefore, the deposit received by the assessee of ₹ 25 lacs from Amigo Brushes Pvt Ltd. was an inter-corporate deposit and not a deemed dividend and, therefore, though this aspect has not been considered by the Tribunal but since the order of the Tribunal can be supported by another legal reason on the admitted facts, we need not send the matter back. - . Since there is no distinction on facts, we follow the said decision and dismiss this tax appeal. - Decided in favour of assessee.
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