Mutual Transactions can’t come under section 2(22)(e)

Brief of the Case ITAT Kolkata held in case of ITO v Smt. Gayatri Chakroborty that where the transactions are mutual in nature or there is benefit or no benefit to each other, then these kind of transactions will not come under the purview of section 2(22)(e). Facts of the Case The Assessee is a director in a company having 25.24% shares. There were transactions between the Assessee and company of giving money to each other. The AO only noted one sided transaction where money was given from Company to Assessee and was of the view that the same was “Loan or Advance” within the meaning of Se...