https://www.taxtmi.com/caselaws?id=381666 The ITAT upheld the CIT(A)'s decisions in favor of the assessee on all three issues. It confirmed that the amount added under section 2(22)(e) was a loan given by the assessee to the company, not deemed dividend. The disallowance of interest expenditure under section 57 was reduced, considering the direct linkage between borrowed funds and loans given. Additionally, the deletion of the addition claimed as a deduction under section 80G was accepted, as the assessee had not made such a claim. The appeals filed by the Revenue were dismissed, while the assessee's appeal was allowed. en-us Fri, 14 Jun 2019 00:00:00 +0530 Sun, 16 Jun 2019 13:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381666 The ITAT upheld the CIT(A)'s decisions in favor of the assessee on all three issues. It confirmed that the amount added under section 2(22)(e) was a loan given by the assessee to the company, not deemed dividend. The disallowance of interest expenditure under section 57 was reduced, considering the direct linkage between borrowed funds and loans given. Additionally, the deletion of the addition claimed as a deduction under section 80G was accepted, as the assessee had not made such a claim. The appeals filed by the Revenue were dismissed, while the assessee's appeal was allowed. Case-Laws Income Tax Fri, 14 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381666