2008 (4) TMI 428

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..... 2008, passed by the Income-tax Appellate Tribunal, Delhi Bench "C", New Delhi (the Tribunal) in I. T. A. No. 3090/Del/2003 relevant for the assessment year 1998-99. The. During the previous year relevant to the assessment year the assessee had entered into certain business transactions with M /S. Holiday Resort Pvt. Ltd. and M/s. Ambassador Tours (I) Pvt. Ltd. 2. As a result of these business tr .....

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..... ransactions were normal business transactions, which were carried out during the course of the relevant previous year, they cannot be described as advances or loans, which form a distinct category of financial transactions. Under the circumstances, the Tribunal came to the conclusion that since these transactions did not represent loans or advances, the provisions of section 2(22)(e) of the Act we .....

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