Addition for deemed dividend in Section 153A assessment not sustainable in absence of any incriminating material

DCIT Vs Anil Kumar Sharma; (ITAT Delhi) The brief facts of the case shows that the assessee is an individual who is chief managing director of M/s. Ultra Home Construction Pvt. Ltd. Search u/s 132 of the Act was carried out in Amrapali Group of Cases on 09.09.2010 wherein, assessee was also covered. During the assessment proceedings it was found that assessee has taken advance from Ultra Home Construction Pvt Ltd of Rs. 6307160/- where assessee is holding 39.6% shares as on 31.03.2006 and 36.66% as on 31.03.2007. The ld AO noted that lender company is not in the business of giving finance and ...