TMI Blog1987 (4) TMI 9X X X X Extracts X X X X X X X X Extracts X X X X ..... ld that Perquisites were taxable only if they were convertible into money value - salary not accrues when it is discontinued on basis of oral agreement - deemed dividend is taxable - - - - - Dated:- 24-4-1987 - G. L. OZA. and RANGANATH MISRA. JUDGMENT The judgment of the court was delivered by RANGANATH MISRA J.- This appeal is by special leave. The relevant assessment year is 1954-5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tant Commissioner, the Appellate Tribunal as also the High Court found in favour of the assessee and deleted these amounts. That is how the Revenue is in appeal before this court after obtaining special leave. So far as the sum of Rs. 16,000 is concerned, there has been a positive finding of fact that notwithstanding the fact that the resolution discontinuing payment of salary was passed after t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Universal Bank of India Ltd. and Sahu Jain Ltd. By the decision of this court in Universal Bank of India Ltd. v. CIT [1967] 65 ITR 536, it was held that there was no liability of the Universal Bank of India Ltd. under section 23A of the Act for the assessment year in question, namely, 1954-55. In another decision of the Patna High Court in CIT v. Sahu Jain Ltd. [1970] 76 ITR 628, it was held th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Jain Ltd. in respect of the year would be assessable in the hands of the assessee. Since there is no indication that the decision in Universal Bank of India Ltd.'s case [1967] 65 ITR 536 has been reversed, we are not prepared to accept the submission of learned counsel for the Revenue that on the same principle, we must assume that the decision in Universal Bank of India Ltd.'s case [1967] 65 ITR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s remanded the matter, this may go back to the Appellate Assistant Commissioner for reconsideration ; therefore, he submits that the matter should be left open. Here again, we are not with him. We accordingly allow the third question to be answered in the same way as has been done by the High Court, that is, against the Revenue. The appeal is allowed in part and while we confirm the answer of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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