TMI Blog1995 (9) TMI 4X X X X Extracts X X X X X X X X Extracts X X X X ..... not hold a substantial interest in the relevant company. - Hence impugned sub-clause cannot be applied to the case of assessee - Once this is so, no further question arises - - - - - Dated:- 20-9-1995 - Judge(s) : B. P. JEEVAN REDDY. and S. B. MAJMUDAR. ORDER These appeals are preferred by the Revenue against the decision of the Madras High Court. The question that was referred by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... can be made in the individual assessment of the managing agent. The question has to be answered with reference to definition of income in section 2(6C) of the Indian Income-tax Act, 1922. The definition includes several items. The only sub-clause which is relevant for the present purpose is sub-clause (iii) which read thus : "2. (6C) 'income' includes--- . . . (iii) the value of any benefit or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . For this sub-clause to apply, it is necessary that the person who obtained certain benefit must have had substantial interest in the company as, specified in the said section. The finding is that the assessee herein did not hold a substantial interest in the relevant company. Once this is so, no further question arises. It was really unnecessary for the High Court to go into and express an opini ..... X X X X Extracts X X X X X X X X Extracts X X X X
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