Impugned addition made by Assessing Officer by invoking provisions of section 2(22)(e) was not sustainable

IT : Where certain companies advanced money to assessee-company in which one director of assessee was holding more than 10 per cent equity shares, since assessee itself was not shareholder of those lending companies, impugned addition made by Assessing Officer by invoking provisions of section 2(22)(e) was not sustainable
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[2014] 48 taxmann.com 294 (Bombay)
HIGH COURT OF BOMBAY
Commissioner of Income-tax-9
v.
Impact Containers (P.) Ltd.
S.C. DHARMADHIKARI AND B.P. COLABAWALLA, JJ.
IT APPEAL NOS. 1870 OF 2013 AND OTHERS
JULY  4, 2014
Section 2(22) of the Income-tax Act, 1961 - Deemed dividend (Loans and advances) - Assessment year 2006-07 - Whether where certain companies advanced money to assessee-company in which one director of assessee was holding more than 10 per cent equity shares, since assessee itself was not shareholder of those lending companies, impugned addition made by Assessing Officer by invoking provisions of section 2(22)(e) was not sustainable - Held, yes [Para 35] [In favour of assessee]