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2014 (6) TMI 360 - AT - Income TaxAddition of perquisites u/s 2(24)(iv) of the Act – Interest free loans – Held that:- M/s. Chennai Corporate Club Private Limited had not advanced the sum from borrowed funds - Following Asst. Commissioner of Income Tax Versus Shri M. Kangeyan [2014 (6) TMI 351 - ITAT CHENNAI] - CIT(A) rightly was of the view that the loan received by the assessee from the company in question was not interest-free loan, but it was interest bearing loan - no material could be brought on record by the Revenue to show that any interest expenditure was actually incurred by the company in question for or on behalf of the assessee - interest free money in the form of entrance fee and membership fee available with the company in question was more than the advance received by the assessee from the said company - the Revenue has admitted the fact, that the interest has actually been paid by the assessee in respect of amounts received from ‘CCCPL’ – thus, there was no reason to interfere with the order of the CIT(A) – Decided against Revenue.
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