https://www.taxtmi.com/caselaws?id=57359 The court upheld the Income Tax Officer's assessment that a director derived a benefit from an interest-free advance received from a company under section 2(24)(iv) of the Income-tax Act, 1961. Despite the lack of a board resolution, the judge determined that the director benefited from the advance, which was implied to be authorized by the company. The court ruled in favor of taxing the benefit as taxable income, overturning the Appellate Authority Commissioner's decision to delete the tax liability. The appeal was allowed in favor of taxing the benefit derived by the director. en-us Wed, 13 Oct 1982 00:00:00 +0530 Sun, 06 Feb 2011 03:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57359 The court upheld the Income Tax Officer's assessment that a director derived a benefit from an interest-free advance received from a company under section 2(24)(iv) of the Income-tax Act, 1961. Despite the lack of a board resolution, the judge determined that the director benefited from the advance, which was implied to be authorized by the company. The court ruled in favor of taxing the benefit as taxable income, overturning the Appellate Authority Commissioner's decision to delete the tax liability. The appeal was allowed in favor of taxing the benefit derived by the director. Case-Laws Income Tax Wed, 13 Oct 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57359