https://www.taxtmi.com/caselaws?id=66413 The Tribunal partly allowed the appeal, ruling that the benefit arising from the free use of property by a partner is taxable under section 28(iv) of the Income-tax Act, 1961. It emphasized that such benefits should be included in the partner's hands as business income. The Tribunal also directed the assessment of income from property separately under section 67(2) and upheld the valuation of property income at Rs. 12,000 per annum. Additionally, it remitted the question of interest charged under section 139 back to the Income Tax Officer for further examination. en-us Sat, 27 Nov 1982 00:00:00 +0530 Thu, 24 Feb 2011 15:50:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66413 The Tribunal partly allowed the appeal, ruling that the benefit arising from the free use of property by a partner is taxable under section 28(iv) of the Income-tax Act, 1961. It emphasized that such benefits should be included in the partner's hands as business income. The Tribunal also directed the assessment of income from property separately under section 67(2) and upheld the valuation of property income at Rs. 12,000 per annum. Additionally, it remitted the question of interest charged under section 139 back to the Income Tax Officer for further examination. Case-Laws Income Tax Sat, 27 Nov 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66413