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ITAT ruled against double taxation of personal credit card expenses initially disallowed under s.37(1) in company's returns. Where company had already acknowledged personal nature of director's credit card payments and voluntarily disallowed them while computing business income, these amounts cannot be taxed again as perquisite under s.2(24)(iv) in director's hands. The director received no additional benefit since company had already borne tax liability on disallowed expenses. AO's addition was deemed unjustified as it constituted double taxation. Earlier precedents cited by CIT(A) were distinguished, as those cases involved companies that had not disallowed such expenses under s.37(1). Appeal resolved in assessee-director's favor.
ITAT ruled against double taxation of personal credit card expenses initially disallowed under s.37(1) in company's returns. Where company had already acknowledged personal nature of director's credit card payments and voluntarily disallowed them while computing business income, these amounts cannot be taxed again as perquisite under s.2(24)(iv) in director's hands. The director received no additional benefit since company had already borne tax liability on disallowed expenses. AO's addition was deemed unjustified as it constituted double taxation. Earlier precedents cited by CIT(A) were distinguished, as those cases involved companies that had not disallowed such expenses under s.37(1). Appeal resolved in assessee-director's favor.
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