https://www.taxtmi.com/caselaws?id=191952 The Tribunal deleted the addition on account of deemed dividend under section 2(22)(e) of the Income Tax Act, disagreeing with the Assessing Officer and Commissioner of Income Tax (Appeals). The Tribunal held that the loan received did not confer a gratuitous benefit to the assessee as it was taken on interest. Consequently, the addition was deemed not applicable. However, the disallowance of expenses for travelling & conveyance, telephone, and sales promotion was upheld due to lack of proper documentation to prove exclusive business use, resulting in a 10% disallowance for personal elements. en-us Fri, 11 Mar 2016 00:00:00 +0530 Fri, 05 May 2017 10:47:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191952 The Tribunal deleted the addition on account of deemed dividend under section 2(22)(e) of the Income Tax Act, disagreeing with the Assessing Officer and Commissioner of Income Tax (Appeals). The Tribunal held that the loan received did not confer a gratuitous benefit to the assessee as it was taken on interest. Consequently, the addition was deemed not applicable. However, the disallowance of expenses for travelling & conveyance, telephone, and sales promotion was upheld due to lack of proper documentation to prove exclusive business use, resulting in a 10% disallowance for personal elements. Case-Laws Income Tax Fri, 11 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191952