https://www.taxtmi.com/caselaws?id=410760 The Tribunal ruled in favor of the assessee, holding that the addition made under section 2(22)(e) of the Act was not justified. It was determined that the loan amount reached the recipient company and not the assessee directly, despite the assessee's significant shareholdings in both companies. The Tribunal emphasized that any addition under section 2(22)(e) should be in the hands of the recipient company. As a result, the grounds raised by the assessee were accepted, and the appeal was allowed in favor of the assessee. en-us Mon, 02 Aug 2021 00:00:00 +0530 Mon, 09 Aug 2021 08:53:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410760 The Tribunal ruled in favor of the assessee, holding that the addition made under section 2(22)(e) of the Act was not justified. It was determined that the loan amount reached the recipient company and not the assessee directly, despite the assessee's significant shareholdings in both companies. The Tribunal emphasized that any addition under section 2(22)(e) should be in the hands of the recipient company. As a result, the grounds raised by the assessee were accepted, and the appeal was allowed in favor of the assessee. Case-Laws Income Tax Mon, 02 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410760