Provisions of Deemed Dividend u/s 2(22)(e) of Income Tax Act can only be invoked against Shareholder: ITAT [Read Order]

An estimated addition of 10% (Rs.48,53,306/-) to the assessee’s income was made due to lacking account books and vouchers. The Commissioner of Income Tax (Appeals) examined and deleted the addition upon the assessee’s appeal. The Revenue appealed, contesting the additions. Simultaneously, the assessee filed a Rule 27 petition, arguing the additions lack sustainability without incriminating…