Receiving Advances for purpose of availing Credit facilities, cannot be considered as gratuitous payments U/s 2(22)(e) of the Income Tax Act: ITAT

credit facilities - gratuitous payments - ITAT - taxscan

Receiving advances for purpose of availing credit facilities, cannot be considered as gratuitous payments under Section 2(22)(e) of the Income Tax Act, so was held by the Income Tax appellate Tribunal (ITAT), Visakhapatnam. The assessee, Smt. Sabhapathi Padmasree is deriving income from salary, house property and other sources filed her return of income declaring total…

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