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TMI Blog1972 (4) TMI 29X X X X Extracts X X X X X X X X Extracts X X X X ..... me-tax Act, 1922 ? Question answered in the affirmative. - - - - - Dated:- 25-4-1972 - Judge(s) : R. L. GULATI., H. N. SETH. JUDGMENT The judgment of the court was delivered by R. L. GULATI J.-This is a reference under section 66(1) of the Income-tax Act. It relates to the assessment years 1955-56 and 1956-57. The following common question of law arises in both the years which has been r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with other benefits, was assessed to tax in the hands of the assessee. The assessee's, appeals have been rejected both by the Appellate Assistant Commissioner of Income-tax and the Income-tax Appellate Tribunal. The assessee is aggrieved and has brought this reference before us. Clause (iii) of section 2(6C) of the Indian Income-tax Act, 1922, provides that income includes the value of any benef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... because even if it is not a perquisite, it is a benefit alright and under section 2(6C) a benefit is income as much as a perquisite. The other contention of the learned counsel is that section 2(6C) would only apply if the benefit is received by a person in the capacity of a director and not merely because he happens to be a director. We find no force in this contention either. As soon as a per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e is income even if it is not convertible into money. Learned counsel then stated that the value of the perquisite or the benefit under section 2(6C) is taxable as income only if the same is received by the director under an enforceable right. Whether the assessee received the perquisite or the benefit from the company under an enforceable right or not is a question which was never raised by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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