https://www.taxtmi.com/caselaws?id=798747 Section 28(iv) applies to non-monetary benefits or perquisites arising from business or profession. Acquisition of land at a materially lower value than its established value constitutes a benefit received in kind and is taxable as business income under that provision. The rule excluding monetary receipts from Section 28(iv) does not apply where the benefit is land rather than cash. Taxation of that benefit cannot be offset by increasing the land's stock-in-trade cost, because deductible cost must be actually incurred. The levy is authorised by the Income-tax Act and is not defeated by Article 265 of the Constitution. en-us Tue, 08 Sep 2026 00:00:00 +0530 Fri, 11 Sep 2026 08:13:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798747 Section 28(iv) applies to non-monetary benefits or perquisites arising from business or profession. Acquisition of land at a materially lower value than its established value constitutes a benefit received in kind and is taxable as business income under that provision. The rule excluding monetary receipts from Section 28(iv) does not apply where the benefit is land rather than cash. Taxation of that benefit cannot be offset by increasing the land's stock-in-trade cost, because deductible cost must be actually incurred. The levy is authorised by the Income-tax Act and is not defeated by Article 265 of the Constitution. Case-Laws Income Tax Tue, 08 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798747