Share premium cannot be stated to be commercial profits to apply deemed dividend provisions

IN THE ITAT CHANDIGARH BENCH ‘A’ Deputy Commissioner of Income-tax Versus Radhe Sham Jain IT APPEAL NO. 728 (CHD.) OF 2011 [ASSESSMENT YEAR 2008-09] SEPTEMBER 28, 2012 ORDER T.R. Sood, Accountant Member   This appeal is directed against the order passed by the CIT(A)-II, Ludhiana, dated 3.5.2011. 2. In this appeal the Revenue has raised following two grounds: “1.  On the facts and in the circumstances of the case, the ld. CIT(A)-II, Ludhiana has erred in deleting the addition of Rs. 1,81,10,000/- made on account of deemed dividend.  2.  On the facts and ...