https://www.taxtmi.com/caselaws?id=13596 The court held that interest-free loans given by a company to its directors were not taxable income under the Income-tax Act, 1961. Consequently, notices issued under section 148 for reopening assessments based on these loans were deemed invalid. The appeals were allowed, setting aside the judgment of the single judge and quashing the notices under section 148. The court disposed of the appeals without costs, with both judges concurring on the decision. en-us Fri, 10 Aug 2007 00:00:00 +0530 Tue, 30 Dec 2014 18:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13596 The court held that interest-free loans given by a company to its directors were not taxable income under the Income-tax Act, 1961. Consequently, notices issued under section 148 for reopening assessments based on these loans were deemed invalid. The appeals were allowed, setting aside the judgment of the single judge and quashing the notices under section 148. The court disposed of the appeals without costs, with both judges concurring on the decision. Case-Laws Income Tax Fri, 10 Aug 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13596