Section 2(22)(e) not attracted if appellant has given his personal properties as collateral security to bank for loan

I.T.O. Vs. Sri Siddhartha Paul (ITAT Kolkata) Fact that the company M/s. Palsons Drugs Pvt. Ltd has obtained credit facilities from the bank including term loan and the fact that the assessee gave his personal properties as collateral security to the bank for the loan and other credit facilities granted to the company M/s. Palsons Drugs Pvt. Ltd is not in dispute. The earlier explanation of the assessee that the advances were taken to purchase flats on behalf of the company does not contradict the fact of guarantee being given etc. Even if the earlier explanation is rejected the latter uncontr...