https://www.taxtmi.com/caselaws?id=24876 The court ruled against the Revenue in both issues. The interest income received by the assessee's wife was not deemed the assessee's income under Section 64(1)(iii) due to the lack of a proximate connection to the transferred assets. Regarding the assessment of perquisites, the value should be based on the benefit derived by the assessee, not automatically equating disallowed amounts in the company's assessment. The court directed the Revenue to bear the respondent's costs. en-us Mon, 22 Feb 1988 00:00:00 +0530 Fri, 22 Jan 2010 18:42:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24876 The court ruled against the Revenue in both issues. The interest income received by the assessee's wife was not deemed the assessee's income under Section 64(1)(iii) due to the lack of a proximate connection to the transferred assets. Regarding the assessment of perquisites, the value should be based on the benefit derived by the assessee, not automatically equating disallowed amounts in the company's assessment. The court directed the Revenue to bear the respondent's costs. Case-Laws Income Tax Mon, 22 Feb 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24876