https://www.taxtmi.com/caselaws?id=445135 The ITAT Chandigarh allowed the assessee company's appeal in part regarding additions under sections 68 and 37. The tribunal deleted the addition under section 68 concerning unsecured loans from the company's director, finding that since the director's income was independently assessed and taxed, assessing the same amount in the assessee's hands would constitute impermissible double taxation. For section 37 additions, the tribunal allowed employee benefit expenses and other operational expenses, recognizing these as legitimate business expenditures despite no active business operations, but upheld the disallowance of finance costs due to lack of supporting details. en-us Fri, 22 Sep 2023 00:00:00 +0530 Tue, 31 Oct 2023 18:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445135 The ITAT Chandigarh allowed the assessee company's appeal in part regarding additions under sections 68 and 37. The tribunal deleted the addition under section 68 concerning unsecured loans from the company's director, finding that since the director's income was independently assessed and taxed, assessing the same amount in the assessee's hands would constitute impermissible double taxation. For section 37 additions, the tribunal allowed employee benefit expenses and other operational expenses, recognizing these as legitimate business expenditures despite no active business operations, but upheld the disallowance of finance costs due to lack of supporting details. Case-Laws Income Tax Fri, 22 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445135