https://www.taxtmi.com/caselaws?id=310996 A rent-free residence provided to a bank agent for use in performing his duties was treated as outside assessable income because it was neither a money payment nor a receipt convertible into money, and did not amount to a profit or gain in the relevant statutory sense. The House of Lords reasoned that the income-tax schedules were exhaustive of chargeable receipts and that a mere ancillary advantage or saving in house rent could not be taxed unless it fell within the Act's charging language and could be valued as money's worth. The residence was therefore not taxable as an emolument or brought into account for income-tax purposes. en-us Mon, 14 Mar 1892 00:00:00 +0521 Fri, 01 Dec 2023 10:26:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310996 A rent-free residence provided to a bank agent for use in performing his duties was treated as outside assessable income because it was neither a money payment nor a receipt convertible into money, and did not amount to a profit or gain in the relevant statutory sense. The House of Lords reasoned that the income-tax schedules were exhaustive of chargeable receipts and that a mere ancillary advantage or saving in house rent could not be taxed unless it fell within the Act's charging language and could be valued as money's worth. The residence was therefore not taxable as an emolument or brought into account for income-tax purposes. Case-Laws Income Tax Mon, 14 Mar 1892 00:00:00 +0521 https://www.taxtmi.com/caselaws?id=310996