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TMI Blog2016 (7) TMI 1345X X X X Extracts X X X X X X X X Extracts X X X X ..... f 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 de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8,12,248/made by the Assessing Officer in the hands of assessee company under section 2(22)(e) of the IT Act? (b) Whether ITAT has correctly interpreted the provisions of section 2(22)(e) of the Act? 2. Having heard the learned counsel for the parties, we notice that the question pertains to section 2(22)(e) of the Income tax Act. The Tribunal has relied on the judgement in case of Comm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eposit from Amigo Brushes Pvt. Ltd. and Daisy Packers Pvt. Ltd. was not a shareholder in Amigo Brushes Pvt. Ltd. The Assessing Officer by his order dated 30 th September 2004 rejected the claim of the assessee and treated the deposits as loan and consequently deemed to be a deemed dividend under Section 2(22)(e) of the Act and accordingly computed the tax. The assessee filed appeal which was di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 intercorporate deposit and not a deemed dividend and, therefore, though this aspect has not been considered ..... X X X X Extracts X X X X X X X X Extracts X X X X
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