https://www.taxtmi.com/caselaws?id=6835 For assessment years before the 1955 enlargement of the definition of income, non-monetary benefits or perquisites received by a shareholder from a company were not taxable as income under section 12 of the Income-tax Act, 1922. The Patna HC held that, because the pre-amendment statutory framework did not expressly cover such non-convertible benefits and the benefits were neither legally enforceable nor convertible into money, they could not be treated as constructive income. The reference was answered in the negative, in favour of the assessee. en-us Thu, 06 Jan 1966 00:00:00 +0530 Fri, 06 Feb 2009 15:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6835 For assessment years before the 1955 enlargement of the definition of income, non-monetary benefits or perquisites received by a shareholder from a company were not taxable as income under section 12 of the Income-tax Act, 1922. The Patna HC held that, because the pre-amendment statutory framework did not expressly cover such non-convertible benefits and the benefits were neither legally enforceable nor convertible into money, they could not be treated as constructive income. The reference was answered in the negative, in favour of the assessee. Case-Laws Income Tax Thu, 06 Jan 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6835