Deemed Dividend cannot be assessed in the hands of Company issuing shares

The assessee-company, evidently, received a capital advance in a sum of Rs.1,09,50,000/- from an entity by the name of Indev Logistics Pvt. Ltd. The assessee-company as well as the said entity, i.e.Indev Logistics Pvt. Ltd., admittedly have common shareholders. The shares in the assessee-company to the extent of 50% are held by Mr.Xavier Britto, while the balance shares are held by Smt.Vimalarani Britto. In so far as Indev Logistics Pvt. Ltd. is concerned, shares are held likewise by the said individuals, though in a different ratio. Mr.Xavier Britto holds 60% of the shares in Indev Logistics ...