Search Results for "Perquisite"

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Taxation Provisions: Section 17(2)(viii) and Rule 3(7)(i) of Income Tax Act. Navigating the Boundaries of Legislative Delegation and Ensuring Equity in Taxation

Income Tax Act, 1961 - Sections 17(2)(viii) and Rule 3(7)(i) - Constitutionality - Taxation of Fringe Benefits or Amenities - Essential Legislative Fu...

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Madras High Court Allows MRF Ltd. Appeal on Fringe Benefit Tax for Medical Reimbursement. Medical Reimbursement up to Rs.15,000 per Employee per Annum Not Chargeable to Fringe Benefit Tax Under Section 115WB(2) of Income Tax Act, 1961.

The appellant, MRF Ltd., a company manufacturing automobile tyres and rubber products, filed Tax Case Appeals under Section 260A of the Income Tax Act...

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High Court of Karnataka Quashes ITAT's Rectification Order in Income Tax Case — Tribunal Exceeded Jurisdiction Under Section 254(2) by Reviewing Its Own Decision. Mistake Apparent from Record Must Be Obvious and Not Require Re-appreciation of Evidence.

The petitioner, M/s. I.G. Petrochemicals Ltd., an assessee under the Income Tax Act, 1961, filed a writ petition challenging the order dated 05.09.202...

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Supreme Court Allows Company's Appeal in Section 630 Companies Act Case — Former Director Must Vacate Property. Company's Right to Recover Property from Erstwhile Officer Upheld Despite Lack of Registered Title.

The Supreme Court allowed the appeal filed by Hooghly Mills Company Ltd. against the judgment of the Calcutta High Court, which had quashed the orders...

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Bombay High Court Dismisses Revenue's Appeal in Deemed Dividend Case Under Section 2(22)(e) of Income Tax Act, 1961. Expenditure by Company on Lessor's Property Not Deemed Dividend as It Was for Business Purpose and Not for Shareholder's Benefit.

The case involves an appeal by the Commissioner of Income Tax against an order of the Income Tax Appellate Tribunal dated 9th September 2011. The resp...

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Bombay High Court Holds Leave Encashment on Resignation Taxable as Perquisite Under Section 17(3)(i) r/w Section 17(1)(iv) of Income-tax Act, 1961. The court ruled that the sum of Rs. 95,000 received by the assessee upon resignation from employment is a perquisite and liable to tax.

The case is an income tax reference under section 256 of the Income-tax Act, 1961, arising from the assessment year 1980-81. The assessee, Shri B.K. K...

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Bombay High Court Grants Stay on Tax Recovery in Gift of Shares Case Under Section 56(1) of Income Tax Act, 1961. Court allows stay of recovery pending appeal, subject to conditions protecting revenue, without deciding merits of taxability of gift of shares.

The petitioner, M/s. Nerka Chemicals Private Limited, a wholly owned subsidiary of Demuric Holdings Private Limited (DHPL), challenged an order dated ...

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Supreme Court Rulings Clarify

The appeals concerning the definition of "commercial purpose" under the Consumer Protection Act, 1986 (now 2019). The key issue is whether a company's...