Section 2(22)(e): ITAT restricts overall addition to amount of loan

Shri V. Ramesh Vs The ACIT (ITAT Chennai) These appeals by the assessees are directed against the orders passed by the Ld. Commissioner of Income Tax (Appeals)-1, Chennai, both dated 27.09.2017 in respect of Shri V. Ramesh and Shri S. Ramu in ITA No.05/CIT(A)-1/2017-18 & ITA No.04/CIT(A)-1/2017-18 respectively for the assessment year 2006-07 passed U/s. 250(6) r.w.s. 143(3) & 147 of the Act. Since in both the assessee’s case the issue is interrelated and identical, they are heard together and disposed off by this common order. 2. The assessees have raised several grounds in their app...