https://www.taxtmi.com/caselaws?id=71468 The Tribunal upheld the deletion of perquisites amounting to Rs. 19,560, representing interest not charged on the debit balance of the assessee with a company. It ruled that interest-free loans or concessional rate loans granted by companies to directors or employees did not constitute taxable perquisites, aligning with the Calcutta High Court's interpretation over the Madras High Court's decision. The Tribunal emphasized adopting the interpretation favorable to the assessee when conflicting judicial opinions exist, ultimately dismissing the revenue's appeal and affirming the principle of construing taxing statutes in favor of the taxpayer. en-us Wed, 04 Nov 1992 00:00:00 +0530 Mon, 25 Apr 2011 10:38:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71468 The Tribunal upheld the deletion of perquisites amounting to Rs. 19,560, representing interest not charged on the debit balance of the assessee with a company. It ruled that interest-free loans or concessional rate loans granted by companies to directors or employees did not constitute taxable perquisites, aligning with the Calcutta High Court's interpretation over the Madras High Court's decision. The Tribunal emphasized adopting the interpretation favorable to the assessee when conflicting judicial opinions exist, ultimately dismissing the revenue's appeal and affirming the principle of construing taxing statutes in favor of the taxpayer. Case-Laws Income Tax Wed, 04 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71468