https://www.taxtmi.com/caselaws?id=58154 Unilateral write-back of sundry credit balances did not trigger section 41(1) because the liabilities had not been waived or extinguished and creditors could still claim them. Premium paid for a deferred annuity policy in lieu of commission was treated as remuneration received in kind, since the company discharged an accrued liability by purchasing a policy exclusively for the director's benefit, making it includible as a perquisite. Repairs to buildings and gardening expenses were not shown to confer a director-specific benefit, and cash receipts were not treated as perquisites. The change from mercantile to cash accounting for duty drawback and cash assistance was accepted as bona fide, and the miscellaneous business deductions and interest under section 216 were largely upheld or rejected on the stated facts. en-us Fri, 25 Nov 1983 00:00:00 +0530 Fri, 17 Dec 2010 16:16:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58154 Unilateral write-back of sundry credit balances did not trigger section 41(1) because the liabilities had not been waived or extinguished and creditors could still claim them. Premium paid for a deferred annuity policy in lieu of commission was treated as remuneration received in kind, since the company discharged an accrued liability by purchasing a policy exclusively for the director's benefit, making it includible as a perquisite. Repairs to buildings and gardening expenses were not shown to confer a director-specific benefit, and cash receipts were not treated as perquisites. The change from mercantile to cash accounting for duty drawback and cash assistance was accepted as bona fide, and the miscellaneous business deductions and interest under section 216 were largely upheld or rejected on the stated facts. Case-Laws Income Tax Fri, 25 Nov 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58154