https://www.taxtmi.com/caselaws?id=296208 The Tribunal upheld the CIT(A)'s decision to delete the addition under section 2(22)(e) of the Income-tax Act, 1961. The Tribunal found that the housing loan and advances received by the assessee from the company were for business purposes and not deemed dividends. Citing relevant legal precedents, the Tribunal concluded that the transactions were for business expediency and not gratuitous payments to shareholders. The Revenue's appeal was dismissed, affirming the deletion of the addition. en-us Fri, 21 Nov 2014 00:00:00 +0530 Sat, 10 Jul 2021 08:38:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296208 The Tribunal upheld the CIT(A)'s decision to delete the addition under section 2(22)(e) of the Income-tax Act, 1961. The Tribunal found that the housing loan and advances received by the assessee from the company were for business purposes and not deemed dividends. Citing relevant legal precedents, the Tribunal concluded that the transactions were for business expediency and not gratuitous payments to shareholders. The Revenue's appeal was dismissed, affirming the deletion of the addition. Case-Laws Income Tax Fri, 21 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296208