https://www.taxtmi.com/caselaws?id=210838 HC held against the assessee, finding that an interest-free secured loan to a manager contravened s.13(2)(a) and attracted s.13(1)(c) consequences. The court found the asserted 10% interest not recorded in books, audit report, or contemporaneous documents, with only a post hoc resolution offered and therefore unreliable. Under s.13(1)(c) the institution's entire income became taxable where any part benefited a specified person, so the Tribunal's favorable view was set aside and taxability upheld. en-us Wed, 17 Aug 2011 00:00:00 +0530 Wed, 15 Oct 2025 15:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210838 HC held against the assessee, finding that an interest-free secured loan to a manager contravened s.13(2)(a) and attracted s.13(1)(c) consequences. The court found the asserted 10% interest not recorded in books, audit report, or contemporaneous documents, with only a post hoc resolution offered and therefore unreliable. Under s.13(1)(c) the institution's entire income became taxable where any part benefited a specified person, so the Tribunal's favorable view was set aside and taxability upheld. Case-Laws Income Tax Wed, 17 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210838