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Whether on the facts and circumstances of the case and in law, the Commissioner of Income-tax (Appeals) was justified in deleting the addition of Rs. 12,24,72,654/- made by the Assessing Officer under section 2(22)(e) of the Income-tax Act by holding that the assessee was not having beneficial interest in the advance recipient Company after 8-5-2012 particularly when no prudential man will transfer its share without receiving the full sale consideration thereof?

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Section 2(22) of the Income-tax Act, 1961—Deemed dividend—For raising an irrebuttable presumption, the first set of facts which are deemed to be conclusive proof of the other, i.e. regarding the advancement of loan to shareholder or to the concern in which such a share holder has substantial interest has to be proved strictly and beyond reasonable doubt and such first limb of the facts cannot be assumed or presumed merely on the basis of suspicion, howsoever strong it may be. - ASSTT. CIT V/s GURDEEP SINGH - [2020] 183 ITD 317 (ITAT-CHANDIGARH)