https://www.taxtmi.com/caselaws?id=249104 The High Court of Bombay upheld the Tribunal's decision, ruling that the transaction did not fall under section 2(22)(e) of the Income Tax Act, 1961. The Court agreed with the Tribunal that the circuitous nature of the transactions did not result in a direct benefit to the respondent assessee. Despite the appellant's reliance on Supreme Court judgments, the Court found no substantial question of law raised and dismissed the appeal without costs. en-us Tue, 17 Jun 2014 00:00:00 +0530 Fri, 04 Jul 2014 17:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249104 The High Court of Bombay upheld the Tribunal's decision, ruling that the transaction did not fall under section 2(22)(e) of the Income Tax Act, 1961. The Court agreed with the Tribunal that the circuitous nature of the transactions did not result in a direct benefit to the respondent assessee. Despite the appellant's reliance on Supreme Court judgments, the Court found no substantial question of law raised and dismissed the appeal without costs. Case-Laws Income Tax Tue, 17 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249104