Deemed Dividend – ITAT allows appellant to submit additional evidences before AO

Sanjay Subhashchand Gupta Vs DCIT (ITAT Mumbai)

Assessee contended that the impugned amounts were taken for the purpose of business activities of the company and the advance of Rs.14,44,730/- from M/s. Rustogi Logistic Pvt. Ltd. and Rs.3,35,38,660/- from M/s. Rustogi Projects Private Limited and the same was received as business advances. The ld. AR further stated that the assessee has entered into MOUs with the above mentioned companies and stated that these advances was given to the assessee for purchase of properties. The

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