section 2(24(iv) of the IT Act 1961
This query is : Resolved
15 July 2010
A director received a property from a company under a family settlement as per the award of the arbitrator under the Arbitration and conciliation Act 1996. Whether such property be treated as a "Benefit or Perquisite" under section 2(24)(iv) of the Income Tax Act 1961? is there any case law in support of the assessee that it is not taxable under the above section?
16 July 2010
Personal family needs should be considered as benefit/perquisites under section 2(24)(iv) and the value should be arrived at the figure the director would have been spent otherwise, having regard to his/her family needs.
Benefit may be in capital nature also so as to attract the said section.
Citation:- CIT Vs. S.Varadarajan (1996) 89 Taxman 457(Mad).
Benefit may be in capital nature also so as to attract the said section.
Citation:- CIT Vs. S.Varadarajan (1996) 89 Taxman 457(Mad).
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Itr 1 processing
- Off Market debit and credit transaction
- Building and other construction workers welfare cess act 1996
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR returnFY25-26
- LIC Annuity received under Jeevan Akshay Scheme
- In Exports Sales HSN details where to fill
- Form 10BD Filling
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
