https://www.taxtmi.com/caselaws?id=247698 The High Court dismissed the appeal, upholding the lower authorities' findings that Section 2(22)(e) did not apply as the transactions were for business purposes, and there was no misuse of funds by shareholders. It was determined that the advancing of money and earning interest did not amount to business transactions warranting disallowance under Section 36(1)(iii) due to the lack of commercial expediency. The Court emphasized the consistent approach in previous assessments and found no substantial question of law, affirming the decisions of the CIT(A) and the Tribunal. en-us Tue, 11 Feb 2014 00:00:00 +0530 Fri, 20 Feb 2015 15:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247698 The High Court dismissed the appeal, upholding the lower authorities' findings that Section 2(22)(e) did not apply as the transactions were for business purposes, and there was no misuse of funds by shareholders. It was determined that the advancing of money and earning interest did not amount to business transactions warranting disallowance under Section 36(1)(iii) due to the lack of commercial expediency. The Court emphasized the consistent approach in previous assessments and found no substantial question of law, affirming the decisions of the CIT(A) and the Tribunal. Case-Laws Income Tax Tue, 11 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247698