https://www.taxtmi.com/caselaws?id=333201 The Tribunal allowed both appeals filed by the assessee, deleting the addition of Rs. 40,61,517 as deemed income under Section 2(22)(e), recognizing Rs. 4,08,800 as a business loss, and deleting the penalty of Rs. 14,75,850 under Section 271(1)(c). The Tribunal's decision was based on the interpretation of business advances and the nature of the transactions, supported by relevant case law. en-us Fri, 19 Aug 2016 00:00:00 +0530 Thu, 06 Oct 2016 11:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333201 The Tribunal allowed both appeals filed by the assessee, deleting the addition of Rs. 40,61,517 as deemed income under Section 2(22)(e), recognizing Rs. 4,08,800 as a business loss, and deleting the penalty of Rs. 14,75,850 under Section 271(1)(c). The Tribunal's decision was based on the interpretation of business advances and the nature of the transactions, supported by relevant case law. Case-Laws Income Tax Fri, 19 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333201