1966 (1) TMI 6

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....x, Bihar and Orissa, relate to the assessment years 1951-52 and 1952-53. The corresponding accounting years of the assessee are the years beginning on November 1, 1949, and ending with October 31, 1950, and beginning on November 1, 1950, and ending with October 31, 1951, respectively. The short question referred is, whether the benefits not convertible into money received by the assessee as a shar....

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.... There was an amendment, and section 2(6C) of the Act was recast in 1955 (see section 3 of the Finance Act, 1955). The amended provisions came into force from the assessment year 1955-56. That amendment included, within the meaning of income, the value of any benefit or perquisite, whether convertible into money or not, obtained from a company either by a director or by any other person who has a ....

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....ct, at the relevant time could not include such benefits. In our view, the opinion expressed by the Tribunal was correct. Learned counsel appearing for the Commissioner referred us to a case in Lady Miller v. Commissioners of Inland Revenue . There, in the trust made by the testator, a provision was incorporated that his widow would occupy the house of the testator free of rent and tax. The tru....

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....on that assumption. Until the value of the benefits and perquisites was brought within the definition of income, that remained outside the taxable area. While making the amendment, Parliament appointed the time from which that enlarged definition, for purposes of taxation, shall take effect. This lends further clarification to the meaning of the word " income " in the Act, before the amendment. ....