https://www.taxtmi.com/caselaws?id=29056 Withdrawals from a controlled company's current account are treated as a taxable benefit under rule 5 of the Estate Duty (Controlled Companies) Rules, 1953 only when they amount to a genuine series of periodical payments out of the company's resources. The Madras High Court held that repeated withdrawals in separate driblets from a single account do not, by themselves, constitute a periodical payment or a series of payments within the rule. On that construction, section 17 of the Estate Duty Act, 1953 could not be invoked to include the disputed sums in the dutiable estate, and the accountable person succeeded. en-us Thu, 07 Oct 1982 00:00:00 +0530 Wed, 10 Mar 2010 15:13:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29056 Withdrawals from a controlled company's current account are treated as a taxable benefit under rule 5 of the Estate Duty (Controlled Companies) Rules, 1953 only when they amount to a genuine series of periodical payments out of the company's resources. The Madras High Court held that repeated withdrawals in separate driblets from a single account do not, by themselves, constitute a periodical payment or a series of payments within the rule. On that construction, section 17 of the Estate Duty Act, 1953 could not be invoked to include the disputed sums in the dutiable estate, and the accountable person succeeded. Case-Laws Income Tax Thu, 07 Oct 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29056