https://www.taxtmi.com/caselaws?id=369386 The tribunal ruled in favor of the assessee, a private limited company, in a case concerning the disallowance of flat purchase for its Managing Director. The tribunal found no violation of tax laws under Section 2(22)(e) as there was no fund transfer to the director. Disallowances related to depreciation, interest payment, and loan repayment were dismissed. However, the disallowance of foreign travel expenses was upheld due to lack of business necessity. The decision was pronounced on 24.10.2018. en-us Wed, 24 Oct 2018 00:00:00 +0530 Fri, 26 Oct 2018 06:23:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369386 The tribunal ruled in favor of the assessee, a private limited company, in a case concerning the disallowance of flat purchase for its Managing Director. The tribunal found no violation of tax laws under Section 2(22)(e) as there was no fund transfer to the director. Disallowances related to depreciation, interest payment, and loan repayment were dismissed. However, the disallowance of foreign travel expenses was upheld due to lack of business necessity. The decision was pronounced on 24.10.2018. Case-Laws Income Tax Wed, 24 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369386