Loan received from company not deemed dividend U/s. 2(22)(e) if assessee was not a member/shareholder of concerned company

CIT Vs Prem Motors (Madhya Pradesh HC) s regard to deemed dividend under Section 2(22) (e) of 1961 Act, we, at the outset, observe that the issue as to applicability of said provision to a non-member/non-shareholder of the concerned company which has given the loan/advance has been settled by the decision in “CIT Vs. M/s Ankitech Pvt. Ltd and others [340 ITR 14 (Del)] (ITR 462/2009)” wherein Division Bench of High Court of Delhi held that Where assessee was not a member/shareholder of the concerned company, therefore, loan/advance received from such company was not deemed dividend under se...