Commercial Advances Don’t Fall Under Section 2(22)(e): ITAT Mumbai

Subhash Chander Oberoi Vs ACIT (ITAT Mumbai) ITAT Mumbai held that trade advances, being in the nature of commercial transaction, would not fall within the ambit of the provisions of section 2(22)(e) of the Act and therefore the addition made by the AO is deleted. Accordingly, appeal allowed. Facts- The assessee has filed the present appeal against the impugned order dated 07/02/2024 passed u/s. 250 of the Income Tax Act, 1961 by the learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, for the assessment year 2014-15. The solitary grievance of the assessee is a...