Expenses met out of company’s money could not be treated as income in hands of assessees u/s. 2 (24)(iv) if money not been paid directly to them

HIGH COURT OF MADRAS Commissioner of Income-tax, Chennai versus C.S. Srivatsan Tax Case (Appeal) Nos. 48 to 71 of 2007 FEBRUARY  1, 2013 JUDGMENT S. Vimala, J. These 24 Tax Case Appeals have been filed by the Revenue, aggrieved over the orders passed by the Income Tax Appellate Tribunal, covering the assessment years 1996-1997, 1997-1998, 1998-1999, 1999-2000, 2000-2001 and 2001-2002, assessment having been made against each of the Directors, namely, C.S. Narasimhan, C.S. Srivatsan, C.S. Seshadri and C.S. Varadhan, (who are brothers), raising the following common substantial ...