Deemed dividend provisions not applicable on Normal Business Advances

ACIT Vs Shri Anumod Sharma (ITAT Delhi) Analysis of the facts of the case referred by the AO and facts of the case of the assessee, it is quite evident that the facts of the referred cases in the impugned order are altogether different from the facts of the assessee, keeping in view of the fact that the assessee has never taken any loan during the financial year under consideration from M/s Apra Auto (India) Private Limited and also did not have any debit balance in the name of the assessee in the books of account of the said company.  In nutshell, the assessee has also not received any advan...