No deemed dividend on withdrawal by assessee as partner from partnership firm

DCIT Vs Sudhir Dhingra (ITAT Delhi) According to the case of revenue, there was loan or advance from M/s Orient Craft Ltd. (OCL) to the appellant, whereas the case of the assessee was that there was no loan or advance received by the assessee, much less from M/s Orient Craft Ltd. and further, for that matter, no loan was received by the assessee from M/s Olympus Realtors P. Ltd. and hence there was no question of any deemed dividend to be assessed in his hands. Here again in this year’s facts also we find that, there is no loan or advance received by the assessee from M/s Orient Crafts Ltd. ...