https://www.taxtmi.com/caselaws?id=177903 The court dismissed the Crown's appeal, affirming that the taxable value of the suit received by the taxpayer as a Christmas gift from his employer was lb5, reflecting its second-hand market value. The court held that the benefit to the taxpayer was the suit itself, not the employer's purchase cost of lb14 15s. Thus, the suit was a taxable advantage under Schedule E of the Income Tax Act, 1952, valued at what the taxpayer could have obtained by selling it immediately. 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 The court dismissed the Crown's appeal, affirming that the taxable value of the suit received by the taxpayer as a Christmas gift from his employer was lb5, reflecting its second-hand market value. The court held that the benefit to the taxpayer was the suit itself, not the employer's purchase cost of lb14 15s. Thus, the suit was a taxable advantage under Schedule E of the Income Tax Act, 1952, valued at what the taxpayer could have obtained by selling it immediately. Case-Laws Income Tax Fri, 09 Dec 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177903