1997 (12) TMI 87 - HC - Income Tax

Summary

The High Court ruled in favor of the Revenue, stating that the Tribunal was incorrect in holding that no income was assessable in the hands of the assessee under section 2(24)(iv). The judgment applied previous decisions from the Madras High Court regarding benefits conferred on directors. Both ITR No. 174 of 1985 and ITR No. 211 of 1985 were governed by the same order.