https://www.taxtmi.com/caselaws?id=248456 The Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) regarding the addition of D14,34,606/- as perquisites u/s.2(24)(iv) of the Income Tax Act. It was determined that the interest paid by the assessee on the borrowed amount from CCCPL was a valid expense and not a perquisite. The Tribunal dismissed the Revenue's appeal, emphasizing that the interest paid by the assessee was genuine and no evidence was provided to show that CCCPL incurred any interest expenditure on behalf of the assessee. en-us Fri, 16 May 2014 00:00:00 +0530 Fri, 13 Jun 2014 09:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248456 The Tribunal upheld the decision of the Commissioner of Income Tax (Appeals) regarding the addition of D14,34,606/- as perquisites u/s.2(24)(iv) of the Income Tax Act. It was determined that the interest paid by the assessee on the borrowed amount from CCCPL was a valid expense and not a perquisite. The Tribunal dismissed the Revenue's appeal, emphasizing that the interest paid by the assessee was genuine and no evidence was provided to show that CCCPL incurred any interest expenditure on behalf of the assessee. Case-Laws Income Tax Fri, 16 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248456