https://www.taxtmi.com/caselaws?id=248567 The Tribunal dismissed both the Assessee and Revenue appeals, affirming the CIT(A)'s decision. It clarified that Section 2(22)(e) of the Income Tax Act applies to borrowers, not lenders, and emphasized the need for evidence of business purposes in transactions. The Tribunal upheld the deletion of the addition made under Section 2(22)(e) by the Assessing Officer, stating that the provision could not be applied to the Assessee's hands. en-us Thu, 29 May 2014 00:00:00 +0530 Mon, 16 Jun 2014 22:21:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248567 The Tribunal dismissed both the Assessee and Revenue appeals, affirming the CIT(A)'s decision. It clarified that Section 2(22)(e) of the Income Tax Act applies to borrowers, not lenders, and emphasized the need for evidence of business purposes in transactions. The Tribunal upheld the deletion of the addition made under Section 2(22)(e) by the Assessing Officer, stating that the provision could not be applied to the Assessee's hands. Case-Laws Income Tax Thu, 29 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248567