https://www.taxtmi.com/caselaws?id=14162 The court held that the notice issued under section 148 of the Income-tax Act for the assessment year 1966-67 was invalid as the benefit of an interest-free loan did not constitute income under section 2(24). The court found that the conditions for issuing the notice were not fulfilled, ruling in favor of the petitioner and setting aside the notice. The judgment emphasized that the benefit in question did not qualify as income, leading to the conclusion that there was no income escapement. The writ petition succeeded, and no costs were awarded. en-us Tue, 03 Apr 2001 00:00:00 +0530 Tue, 14 Jul 2009 11:37:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14162 The court held that the notice issued under section 148 of the Income-tax Act for the assessment year 1966-67 was invalid as the benefit of an interest-free loan did not constitute income under section 2(24). The court found that the conditions for issuing the notice were not fulfilled, ruling in favor of the petitioner and setting aside the notice. The judgment emphasized that the benefit in question did not qualify as income, leading to the conclusion that there was no income escapement. The writ petition succeeded, and no costs were awarded. Case-Laws Income Tax Tue, 03 Apr 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14162