Benefit - Definition / Legal Terminology - Income Tax

As per section 102(3) of the Income tax Act 1961. For the purpose of Chapter X-A (General Anti-Avoidance Rule) , unless the context otherwise requires,- Benefit includes- a payment of any kind whether in tangible or intangible form; In Blacks Law Dictionary 8th Edition, the meaning of the word benefit is provided as under:- 1) Advantage; Privilege; 2) Profit or gain; specially the consideration that moves to the promisee. M/S BHARAT SEWA SANSTHAN- 2013 (8) TMI 45 - ALLAHABAD HIGH COURT