https://www.taxtmi.com/caselaws?id=36803 A company's voluntary write-off of a director's debit balance was treated as a taxable benefit or perquisite under the statutory definition of income, because extinguishing the debt conferred a measurable pecuniary advantage without requiring any actual expenditure or payment by the company. The deemed benefit was also assessable in assessment year 1957-58, since it arose from a distinct source separate from the assessee's regular receipts and the relevant previous year was correctly taken as the financial year. The liability was therefore held taxable in the relevant year. en-us Fri, 16 Nov 1979 00:00:00 +0530 Wed, 24 Mar 2010 16:14:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36803 A company's voluntary write-off of a director's debit balance was treated as a taxable benefit or perquisite under the statutory definition of income, because extinguishing the debt conferred a measurable pecuniary advantage without requiring any actual expenditure or payment by the company. The deemed benefit was also assessable in assessment year 1957-58, since it arose from a distinct source separate from the assessee's regular receipts and the relevant previous year was correctly taken as the financial year. The liability was therefore held taxable in the relevant year. Case-Laws Income Tax Fri, 16 Nov 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36803