https://www.taxtmi.com/caselaws?id=2057 The court held that interest-free loans given by a company to its director are not taxable as "income" under the Income-tax Act, 1961. Reopening assessments based on such loans was deemed invalid, following established precedents that interest-free loans do not constitute taxable income. The court quashed the reopening notices issued under section 148 and allowed the appeals. The judgment of the single judge was set aside, and no costs were awarded. Judge Tapas Kumar Gir concurred with the decision. en-us Fri, 10 Aug 2007 00:00:00 +0530 Sat, 02 Aug 2008 11:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=2057 The court held that interest-free loans given by a company to its director are not taxable as "income" under the Income-tax Act, 1961. Reopening assessments based on such loans was deemed invalid, following established precedents that interest-free loans do not constitute taxable income. The court quashed the reopening notices issued under section 148 and allowed the appeals. The judgment of the single judge was set aside, and no costs were awarded. Judge Tapas Kumar Gir concurred with the decision. Case-Laws Income Tax Fri, 10 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=2057