Mere Repayment of loan not escape substantial shareholder from Section 2(22) (e)

Brief of the case ITAT Mumbai has In the case of CIT  Vs. Sh. Chandrakant V. Gosalia held that  Loan given by Company to its substantial shareholder  will attracts provisions of section 2 (22)(e) of Income Tax Act,1961 if the same were not lent in ordinary course of business and mere payment of loan amount would not escape assesse from provision of Section 2 (22)(e). Facts of the case The assesse was the director of M/S Gemstar , received a sum of 80.10 lacs from said company . The amount received by assesse consisted certain amount of security deposit in respect of premises let out by ass...