https://www.taxtmi.com/caselaws?id=406824 The Tribunal partly allowed the appeal filed by the assessee, overturning the addition of deemed dividend under section 2(22)(e) of the Act. The Tribunal found that the loan was not gratuitous but given in return for an advantage, deleting the addition. The Tribunal directed verification of the interest deduction on a housing loan and instructed the Assessing Officer to delete the disallowance if the claim was accurate. For the disallowance of depreciation and maintenance on a motor car, the Tribunal restricted the disallowance to one-third, partially allowing this ground of the appeal. en-us Tue, 23 Mar 2021 00:00:00 +0530 Sat, 24 Apr 2021 09:36:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406824 The Tribunal partly allowed the appeal filed by the assessee, overturning the addition of deemed dividend under section 2(22)(e) of the Act. The Tribunal found that the loan was not gratuitous but given in return for an advantage, deleting the addition. The Tribunal directed verification of the interest deduction on a housing loan and instructed the Assessing Officer to delete the disallowance if the claim was accurate. For the disallowance of depreciation and maintenance on a motor car, the Tribunal restricted the disallowance to one-third, partially allowing this ground of the appeal. Case-Laws Income Tax Tue, 23 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406824