Section 2(22)(e) not applicable on Flat Purchase by Company for its CMD

Aditya Jyot Eye Hospital Pvt. Ltd. Vs ITO (ITAT Mumbai) The assessee purchased the flat bearing flat no.602, in the building namely Ornate Galaxy, located at L.T. Road, Dadar (E), Mumbai. No doubt, the assessee Dr. Natarajan is the CMD of hospital and is having 99% share of the assessee company. The flat is near to the hospital which facilitate the treatment of eye patient at any time. Even in the case of emergency the CMD can approach to the hospital promptly. In the instant case, the assessee did not transfer the fund to its director. The assessee took the bank loan to the tune of Rs.300 la...