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.
CA.Saibaburao Nanduri
Published in Income Tax
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