https://www.taxtmi.com/caselaws?id=248447 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs.18,71,852 as a perquisite under section 2(24)(iv) of the Income Tax Act. It was found that the interest-free loan received by the assessee was repayable with interest, and the borrowed funds were not specifically used to advance money to the assessee. The Tribunal concluded that the interest was indeed paid by the assessee, and there was no error in the CIT(A)'s decision, dismissing the Revenue's appeal and confirming the CIT(A)'s order. en-us Wed, 04 Sep 2013 00:00:00 +0530 Thu, 12 Jun 2014 12:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248447 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs.18,71,852 as a perquisite under section 2(24)(iv) of the Income Tax Act. It was found that the interest-free loan received by the assessee was repayable with interest, and the borrowed funds were not specifically used to advance money to the assessee. The Tribunal concluded that the interest was indeed paid by the assessee, and there was no error in the CIT(A)'s decision, dismissing the Revenue's appeal and confirming the CIT(A)'s order. Case-Laws Income Tax Wed, 04 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248447