2020 (8) TMI 468

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....R MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. Aforesaid appeal by assessee for Assessment Year [in short referred to as 'AY'] 2014-15 contest the order of Ld. Commissioner of Income-Tax (Appeals)-53, Mumbai, [in short referred to as 'CIT(A)'], Appeal No. CIT(A)-53/IT-395/ACIT-18(3)/2018-19 dated 14/12/2018 on following grounds: - 1. On the facts and in the circumstances of the case ....

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....he same have also been allowed as business expenditure in the hands of the company. 3. The appellant submits that the nature of expenses clearly shows the same as being for the benefit of the business of the company and not in the nature of personal expenses and prays that the addition be deleted" As evident, the sole subject matter of appeal is addition of Rs. 1.21 Lacs. 2. We have....

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....d balance, from which he was incurring the expenses. Accordingly, the said payment was treated as deemed dividend u/s 2(22)(e) and added to the income of the assessee. 4. Before learned CIT(A), the assessee submitted that the assessee was receiving salary and commission from M/s PHL. It was explained that most of the credit card expenses were paid for by the assessee himself from his own bank a....

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....s. 5. Upon due consideration of factual matrix as enumerated hereinabove, we find that as rightly held by Ld. CIT(A), the provisions of Sec.2(22)(e) were not applicable since the payment was mere reimbursement of expenditure by M/s PHL. However, Ld. CIT(A) proceeded on wrong footing that the same would be personal expenditure and hence, disallowable completely overlooking the fact that the said....