https://www.taxtmi.com/caselaws?id=241238 The ITAT allowed the appeal in part, modifying the CIT's order. It directed the AO to restrict any addition under Section 2(22)(e) of the Income-tax Act to the extent of accumulated income of the company. The ITAT found that while Section 2(22)(e) applied to loans and advances made by the company to the assessee, the AO had not considered these transactions in the assessment. The AO was instructed to determine the quantum of advances and adjust for credit balances before making any additions under Section 2(22)(e). en-us Mon, 21 Oct 2013 00:00:00 +0530 Thu, 19 Dec 2013 06:11:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241238 The ITAT allowed the appeal in part, modifying the CIT's order. It directed the AO to restrict any addition under Section 2(22)(e) of the Income-tax Act to the extent of accumulated income of the company. The ITAT found that while Section 2(22)(e) applied to loans and advances made by the company to the assessee, the AO had not considered these transactions in the assessment. The AO was instructed to determine the quantum of advances and adjust for credit balances before making any additions under Section 2(22)(e). Case-Laws Income Tax Mon, 21 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241238