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2011 (11) TMI 450 - HC - Income TaxInterest on the interest free loans obtained from the Company in which either the assessee or his/her spouse was a Director - Whether included as a perquisite and an income of the assessee in terms of Section 2(24)(iv) - Held that:- In view of decision in case of CIT vs P.R.S Oberoi (1989 (9) TMI 37 - CALCUTTA HIGH COURT) approved by Supreme Court it is held that such loan cannot be construed as benefit or a perquisite within meaning of Explanation 2(b)(iii) to section 40A(5) or section 17(2)(iii). Thus, interest on interest free loans advanced to the assessee by the Company cannot be treated as deemed income in terms of Section 2(24)(iv) - Decided against the Revenue.
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