https://www.taxtmi.com/caselaws?id=23567 The High Court affirmed the Tribunal's decision in a tax case involving the deletion of amounts from the assessee's total income for assessment years 1973-74 and 1974-75. The Court held that the non-charging of interest on overdrawn amounts did not constitute a taxable benefit under section 2(24)(iv) of the Income-tax Act, 1961. Legislative amendments and subsequent deletions indicated that interest-free loans were not intended to be treated as benefits. The Court found no evidence of the company borrowing funds to advance to the assessee or paying interest on the overdrawn amounts, supporting the decision. en-us Mon, 18 Sep 1989 00:00:00 +0530 Mon, 21 Dec 2009 18:36:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23567 The High Court affirmed the Tribunal's decision in a tax case involving the deletion of amounts from the assessee's total income for assessment years 1973-74 and 1974-75. The Court held that the non-charging of interest on overdrawn amounts did not constitute a taxable benefit under section 2(24)(iv) of the Income-tax Act, 1961. Legislative amendments and subsequent deletions indicated that interest-free loans were not intended to be treated as benefits. The Court found no evidence of the company borrowing funds to advance to the assessee or paying interest on the overdrawn amounts, supporting the decision. Case-Laws Income Tax Mon, 18 Sep 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23567