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2020 (2) TMI 1684 - ITAT DELHIBenefit/perquisite u/s.2(24(iv) - addition of notional interest - Calculation of benefit by taking the rate of interest @ 6% per annum - AO held that amount has been received by the assessee as a Director without any interest, and therefore, in terms of provision of Section 2(24)(iv), the interest free advance received by the Directors is to be treated as Benefit/perquisite received by him, because he is the person who has controlled the affairs of these two companies and also other companies - HELD THAT:- ITAT order in [2019 (1) TMI 2001 - ITAT DELHI] wherein the Tribunal has dealt and decided this issue by following the order of the Tribunal in Assessment Year 2009-10 [2018 (3) TMI 1575 - ITAT DELHI] wherein set aside ground of the appeal of the revenue to the file of the Ld. assessing officer with a direction to the assessee to show before him that how the about transaction of receiving loan from a firm to the assessee free of interest where a company where the assessee is director which is provided huge interest free funds to such firm is not chargeable to tax as income under section 2(24)(iv) - AO may examine the arguments of the assessee and decide the issue afresh in accordance with the law after granting assessee adequate opportunity of hearing. Accordingly, ground No. 3 of the appeal of the revenue is allowed with above direction. Thus, respectfully following the aforesaid precedent in assessee’s own case, we restore all this issues raised before us to the file of the Assessing Officer for reconsideration as per the direction of the Tribunal. Appeals of the assessee are allowed for statistical purposes.
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