https://www.taxtmi.com/caselaws?id=425961 The Tribunal upheld the CIT(A)'s decision to delete the additions under section 2(22)(e) of the Act, section 14A r.w. Rule 8D of the Rules, and interest on the fixed deposit. The Tribunal found that the withdrawals were made to protect the company's interests due to ongoing litigation, and the fixed deposit was eventually repaid to the company with interest, supporting that the withdrawals were not loans but safeguards for the company. The Revenue's challenges were dismissed, and the CIT(A)'s orders were upheld in their entirety. en-us Mon, 01 Aug 2022 00:00:00 +0530 Thu, 04 Aug 2022 08:34:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425961 The Tribunal upheld the CIT(A)'s decision to delete the additions under section 2(22)(e) of the Act, section 14A r.w. Rule 8D of the Rules, and interest on the fixed deposit. The Tribunal found that the withdrawals were made to protect the company's interests due to ongoing litigation, and the fixed deposit was eventually repaid to the company with interest, supporting that the withdrawals were not loans but safeguards for the company. The Revenue's challenges were dismissed, and the CIT(A)'s orders were upheld in their entirety. Case-Laws Income Tax Mon, 01 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425961