Section 2(24)(iv) ::

Court :
HC

Brief :
Held by the Hon`ble Court that, interest free loan could not be said to be "income". Therefore interest free loan given by a company to its director`s wife is not taxable as income under the provisions of the Income-tax Act 1961.

Citation :
Prithivi Raj Singh Oberoi Vs. Income Tax Officer and Other

Section 2(24)(iv) Prithivi Raj Singh Oberoi Vs. Income Tax Officer and Other 08/10/2007 [2007] 294 ITR 302 (Cal) Case Fact: Whether, interest free loan given by a company to its director`s wife is taxable as income under the provisions of the Income-tax Act 1961? Decision: Held by the Hon`ble Court that, interest free loan could not be said to be "income". Therefore interest free loan given by a company to its director`s wife is not taxable as income under the provisions of the Income-tax Act 1961.

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Judgement posted by

CA.Saibaburao Nanduri

Chartered Accountant

I am a commerce graduarte of Andhra University. Studied at HINDU COLLEGE, Guntur. Became FCA and started Practice under the name and style of M/s SAIBABU RAO CO I became Chairman of CA Institute, Guntur Branch, during the year 2008-09 My post qualifications are: Information Systems Audit DISA (ICAI) ... Read more

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