https://www.taxtmi.com/caselaws?id=20540 HC held that section 28(iv) was inapplicable to the partners' use of the firm's non-interest-bearing funds. Since the disallowance of interest under section 36(1)(iii) in the firm's assessment was deleted by the Tribunal on the finding that the firm's own interest-free funds exceeded advances to partners, the very basis for invoking section 28(iv) in the partners' cases collapsed. The court further held that section 28(iv) applies only where the benefit or perquisite arising from business is non-monetary; monetary receipts are outside its scope. Accordingly, the additions made under section 28(iv) were unsustainable and the questions were answered in favour of the assessees and against the Revenue. en-us Mon, 22 Mar 1993 00:00:00 +0530 Fri, 12 Dec 2025 18:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20540 HC held that section 28(iv) was inapplicable to the partners' use of the firm's non-interest-bearing funds. Since the disallowance of interest under section 36(1)(iii) in the firm's assessment was deleted by the Tribunal on the finding that the firm's own interest-free funds exceeded advances to partners, the very basis for invoking section 28(iv) in the partners' cases collapsed. The court further held that section 28(iv) applies only where the benefit or perquisite arising from business is non-monetary; monetary receipts are outside its scope. Accordingly, the additions made under section 28(iv) were unsustainable and the questions were answered in favour of the assessees and against the Revenue. Case-Laws Income Tax Mon, 22 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20540