https://www.taxtmi.com/caselaws?id=15163 The High Court disagreed with the Tribunal's decision that interest-free use of company funds by the assessee-managing director did not constitute a perquisite under section 17(2)(iii) of the Income-tax Act, 1961. The Court held that the loan must be returned, and notional interest on such loans could be considered a perquisite. The Court also directed the Tribunal to reassess personal expenses estimation and clarified that the legal fiction under section 2(22)(e) does not prevent the assessment of interest as a perquisite under section 17(2). The questions of law were returned unanswered with directions for reconsideration. en-us Fri, 17 Apr 1998 00:00:00 +0530 Mon, 03 May 2010 00:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15163 The High Court disagreed with the Tribunal's decision that interest-free use of company funds by the assessee-managing director did not constitute a perquisite under section 17(2)(iii) of the Income-tax Act, 1961. The Court held that the loan must be returned, and notional interest on such loans could be considered a perquisite. The Court also directed the Tribunal to reassess personal expenses estimation and clarified that the legal fiction under section 2(22)(e) does not prevent the assessment of interest as a perquisite under section 17(2). The questions of law were returned unanswered with directions for reconsideration. Case-Laws Income Tax Fri, 17 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15163