Case Law Details
Case Name : Pr. CIT Vs Modern Threads (I) Ltd. (Rajasthan High Court)
Related Assessment Year :
Courts :
All High Courts Rajasthan High Court
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Pr. CIT Vs Modern Threads (I) Ltd. (Rajasthan High Court)
High Court held that loan which was taken was capital investment and always treated in the capital account as liability and if it is so, it will naturally go as wiping out the capital liability.
Income which could be taxed under section 28(iv) must not only be referable to a benefit or perquisite, but it must be arising from business and section 28(iv) does not apply to benefits in cash or money.
FULL TEXT OF THE HIGH COURT JUDGMENT / ORDER IS AS FOLLOWS:
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