AJIT K. SENGUPTA, J.

( 1 ) IN this reference under Section 256 (1) of the Income-tax Act, 1961, made at the instance of the Revenue, the following question of law has been referred to this court :"whether, on the facts and in the circumstances of the case, the Tribunal was justified in deleting Rs. 53,119 and Rs. 80,942 from the total income of the assessee in respect of the assessment years 1973-74 and 1974-75, respectively, on the ground that the provisions of Section 2 (24) (iv) of the Income-tax Act, 1961, were not attracted. "the facts stated by the Tribunal are as under.

( 2 ) THE assessee is a director of Messrs. Oberoi Hotels (I.) Pvt. Ltd. He maintained a running account with the said company for a pretty long time. During the assessment years 1973-74 and 1974-75 under consideration, the Income-tax Officer found that the assessee overdrew Rs. 6,62,139 as at the end of the first year under consideration and Rs. 7,47,598 as at the end of the second year under consideration from the said account. He further observed that the said company did not charge any interest on the overdrawn amounts from the assessee. The Income-tax Officer held that the assessee got a benefit from t

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