https://www.taxtmi.com/caselaws?id=268200 The Tribunal upheld the CIT(A)'s decision that the transactions between the Assessee and BAPL were mutual and current, not loans or advances. Citing precedent, the Tribunal emphasized that Section 2(22)(e) applies to gratuitous loans benefiting the shareholder alone, not mutual transactions benefiting both parties. The appeal by the Revenue was dismissed, affirming that Section 2(22)(e) was not applicable in this case. en-us Fri, 30 Oct 2015 00:00:00 +0530 Sat, 30 Apr 2016 12:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268200 The Tribunal upheld the CIT(A)'s decision that the transactions between the Assessee and BAPL were mutual and current, not loans or advances. Citing precedent, the Tribunal emphasized that Section 2(22)(e) applies to gratuitous loans benefiting the shareholder alone, not mutual transactions benefiting both parties. The appeal by the Revenue was dismissed, affirming that Section 2(22)(e) was not applicable in this case. Case-Laws Income Tax Fri, 30 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268200