https://www.taxtmi.com/caselaws?id=58032 The Tribunal ruled in favor of the assessee, holding that the provisions of section 2(22)(e) were not applicable due to the lack of substantial interest based on the individual shareholding of the assessee. The Tribunal emphasized that family members' ownership should not be considered in determining substantial interest. The appeal was allowed, and the addition of Rs. 66,930 as income u/s 2(22)(e) was deemed unnecessary. The Tribunal also noted that the levy of interest under section 217 was consequential and required no further discussion. en-us Tue, 23 Feb 1993 00:00:00 +0530 Sun, 06 Feb 2011 03:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58032 The Tribunal ruled in favor of the assessee, holding that the provisions of section 2(22)(e) were not applicable due to the lack of substantial interest based on the individual shareholding of the assessee. The Tribunal emphasized that family members' ownership should not be considered in determining substantial interest. The appeal was allowed, and the addition of Rs. 66,930 as income u/s 2(22)(e) was deemed unnecessary. The Tribunal also noted that the levy of interest under section 217 was consequential and required no further discussion. Case-Laws Income Tax Tue, 23 Feb 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58032