https://www.taxtmi.com/caselaws?id=63888 The ITAT allowed the revenue's appeals in a case concerning the assessment of benefits received by a working director of a closely-held company. The judgment upheld the taxation of interest-free advances as a benefit derived by the assessee under section 2(24)(iv) of the Income-tax Act, 1961. The ITAT reconciled conflicting interpretations on the taxation of such advances, emphasizing the unauthorized nature of withdrawals by the director from the company. The decision reinstated the assessing officer's orders and overturned the decisions of the lower appellate authorities. en-us Tue, 20 Mar 1984 00:00:00 +0530 Tue, 22 Feb 2011 13:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63888 The ITAT allowed the revenue's appeals in a case concerning the assessment of benefits received by a working director of a closely-held company. The judgment upheld the taxation of interest-free advances as a benefit derived by the assessee under section 2(24)(iv) of the Income-tax Act, 1961. The ITAT reconciled conflicting interpretations on the taxation of such advances, emphasizing the unauthorized nature of withdrawals by the director from the company. The decision reinstated the assessing officer's orders and overturned the decisions of the lower appellate authorities. Case-Laws Income Tax Tue, 20 Mar 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63888