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ITAT held that the Assessing Officer (AO) erroneously attempted to classify a loan repayment as a perquisite under Section 2(24)(iv). Upon careful examination, the tribunal determined that the company-employer merely repaid a loan previously extended by the assessee, and the subsequent use of funds by the assessee was not relevant. The loan repayment did not constitute a benefit or discharge of the assessee's obligation. Moreover, the assessee still owed a balance to the employer, further negating the perquisite classification. Consequently, the ITAT allowed the assessee's appeal, rejecting the AO's addition and affirming that the transaction did not meet the statutory criteria for a deemed perquisite.
ITAT held that the Assessing Officer (AO) erroneously attempted to classify a loan repayment as a perquisite under Section 2(24)(iv). Upon careful examination, the tribunal determined that the company-employer merely repaid a loan previously extended by the assessee, and the subsequent use of funds by the assessee was not relevant. The loan repayment did not constitute a benefit or discharge of the assessee's obligation. Moreover, the assessee still owed a balance to the employer, further negating the perquisite classification. Consequently, the ITAT allowed the assessee's appeal, rejecting the AO's addition and affirming that the transaction did not meet the statutory criteria for a deemed perquisite.
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