https://www.taxtmi.com/caselaws?id=177903 A suit given by an employer to an employee as a Christmas present was taxable only on the value of the suit in the employee's hands, not on the employer's cost of obtaining it. The employee received a chattel, not a sum of money, and the employer's payment to the tailor merely discharged the employer's own liability. The taxable subject was therefore the money's worth received by the employee. Because the suit could be realised for money, its taxable value was the amount for which it could be sold when received, rather than the price paid by the employer. en-us Fri, 09 Dec 1960 00:00:00 +0530 Fri, 01 Dec 2023 12:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177903 A suit given by an employer to an employee as a Christmas present was taxable only on the value of the suit in the employee's hands, not on the employer's cost of obtaining it. The employee received a chattel, not a sum of money, and the employer's payment to the tailor merely discharged the employer's own liability. The taxable subject was therefore the money's worth received by the employee. Because the suit could be realised for money, its taxable value was the amount for which it could be sold when received, rather than the price paid by the employer. Case-Laws Income Tax Fri, 09 Dec 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177903