https://www.taxtmi.com/caselaws?id=39730 The High Court held that section 17(2)(iv) of the Income-tax Act did not apply as there was no privity of contract between the company's creditors and the assessee. Regarding section 17(2)(iii), the Court found that the benefit received by the assessee was due to his employment status, deeming it a benefit granted by the company. The Court allowed the assessee to challenge the valuation of the benefit but ultimately ruled in favor of the revenue, concluding that section 17(2)(iii) was indeed applicable. en-us Wed, 08 Jan 1975 00:00:00 +0530 Tue, 20 Apr 2010 10:03:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39730 The High Court held that section 17(2)(iv) of the Income-tax Act did not apply as there was no privity of contract between the company's creditors and the assessee. Regarding section 17(2)(iii), the Court found that the benefit received by the assessee was due to his employment status, deeming it a benefit granted by the company. The Court allowed the assessee to challenge the valuation of the benefit but ultimately ruled in favor of the revenue, concluding that section 17(2)(iii) was indeed applicable. Case-Laws Income Tax Wed, 08 Jan 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39730