Addition for Deemed Dividend confirmed – Advance against property contention not valid in absence of supporting

Briefly the facts relating to this issue are, during assessment proceeding, AO noticed that assessee is also a director in M/s Euro Construction Pvt. Ltd. and during the year under consideration, assessee has received a total amount of Rs. 45 lakhs on different dates as loan/advance from the said company. AO further observed that on examining the receipts and payments account submitted by assessee, it was found that loan taken from the company was utilized for assessee’s personal purposes like investing in M/s Mirra Packaging and others. He further found that as assessee is holding shares of...