2019 (1) TMI 798

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....ts giving rise to the controversy briefly are that, in respect of assessment year 2010-2011, the respondent assessee was found having received amounts/loans from and has paid various amounts to its group Concern, viz., M/s Royal Motors Pvt. Ltd. Bhopal, M/s Royal Motors Pvt. Ltd. Gwalior and M/s Samadhiya Financial Services Pvt. Ltd, during assessment year 2010-2011. The assessee in his return filed on 22/08/2012 declared his total income of Rs. 42,57,034/-. The case was selected for scrutiny. After notice under Section 142 of 1961 Act, a questionnaire was issued on 11.3.2004 calling upon the assessee to explain the receipts from related concern be not added to its income as deemed dividend under Section 2(22)(e) of 1961 Act. The assesse....

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....- made on account of deemed dividend, merely relying on the fact that the assessee is not a registered nor a beneficial share holder of the concerned entity and ignoring the facts that there exist common share holding between the assessee and the concerned entity? 2. Whether on the facts and in the circumstances of the case and in law, Hon'ble ITAT Agra has erred in confirming the order Ld. CIT (A) and deleting the addition of Rs. 1,16,72,608/- made on account of deemed dividend, ignoring the fact that all the conditions of section 2(22) (e) of the Act are satisfied? 3. Whether on the facts and in the circumstances of the case, the Hon'ble ITAT committed an error in law is not appreciating the purport of provisions....