https://www.taxtmi.com/caselaws?id=765225 ITAT Chennai held that credit card payments of personal nature cannot be taxed as perquisite in director's hands under section 2(24)(iv) when company voluntarily disallowed same expenses under section 37(1) while computing business income. Since company did not claim personal expenditure as business deduction and paid taxes thereon, taxing director again would constitute double taxation. AO's addition was unjustified as director received no additional benefit from company. Appeal decided in favor of assessee. en-us Tue, 21 Jan 2025 00:00:00 +0530 Tue, 28 Jan 2025 08:24:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765225 ITAT Chennai held that credit card payments of personal nature cannot be taxed as perquisite in director's hands under section 2(24)(iv) when company voluntarily disallowed same expenses under section 37(1) while computing business income. Since company did not claim personal expenditure as business deduction and paid taxes thereon, taxing director again would constitute double taxation. AO's addition was unjustified as director received no additional benefit from company. Appeal decided in favor of assessee. Case-Laws Income Tax Tue, 21 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765225