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(c) the benefit arising from a preferential loan which is treated as a perquisite for the purposes of section 112 by virtue of section 122 of the Act, or

(b) the benefit arising from a preferential loan which is chargeable to income tax as a perquisite for the purposes of section 112 of the Act by virtue of section 122 of the Act, or

“employee” and “employer” have the same meanings, respectively, assigned to them by section 122;

“preferential loan” has the same meaning as in section 122;

(2) Where an employee, or a person connected with him or her, acquires shares in a company (whether the employing company or not) and those shares are acquired at an under-value in pursuance of a right or opportunity available by reason of his or her employment, he or she shall be deemed to have the benefit of a loan on which no interest is payable (in this section referred to as the “notional loan”) made directly or indirectly to him or her by a person who at the time the loan is made is, or who at a time subsequent to the making of the loan becomes, an employer in relation to the individual and such notional loan shall be deemed to be a preferential loan to which section 122 applies.

(6) If the notional loan terminates in a manner referred to in subsection (5) (b) or (c), the provisions of section 122(3) shall apply as if an amount equal to the then outstanding amount of the notional loan had been released or written off from a loan within that section.

(1) A reference to a loan in section 122 or in Part 8 shall be deemed to include a reference to a credit transaction.

“specified rate” means the rate specified in paragraph (iii) of the definition of “the specified rate” in section 122.

(c) an arrangement or agreement under which a loan, the provision of a benefit or the loan of, or the provision of the use of, an asset is made to an employee by his or her employer shall not be an arrangement or agreement within the meaning of a benefit scheme where the provisions of section 118, 118A, 121, 121A or 122 apply to such loan, the provision of such benefit or to the loan, or provision, of such asset.

(B) the tax that would have been payable by the individual as if section 118, 118A, 121, 121A or 122, as appropriate, had applied to such loan or to the provision of such asset or benefit up to the date that that loan is repaid or to the date that such asset or benefit ceases to be available to that individual, as the case may be,

(B) the tax that would have been payable as if section 122 had applied in respect of the amount of the loan repaid up to the date that that amount is repaid.

(c) Where for any year of assessment that this subsection applies, then, in relation to the provision of the loan of, or the provision of the use of, an asset referred to in paragraph (a)(i)(II), there shall, if not otherwise chargeable to income tax, be deemed to be income of that employee or former employee for that year of assessment chargeable to income tax under Case IV of Schedule D an amount equal to an amount that would, if section 118, 118A, 119, 121, 121A or 122 had applied in respect of the loan of, or the provision of the use of, that asset be deemed to be an expense, emolument or perquisite chargeable to tax under Schedule E by virtue of those sections.

(c) any sum treated for the purposes of section 112 as a perquisite of an office or employment by virtue of section 122,

(c) any sum treated for the purposes of section 112 as a perquisite of an office or employment by virtue of section 122,

(c) any sum treated for the purposes of section 112 as a perquisite of an employment by virtue of section 122;

(c) particulars of any preferential loan (within the meaning of section 122) made, released or written off by that employer in whole or in part and particulars of any interest released, written off or refunded by that employer in whole or in part and which was payable or paid on such loan,

(ii) the benefit arising from a preferential loan which is treated as a perquisite for the purposes of section 112 by virtue of section 122, and