Supreme Court · 2001 INSC 408 · Decided 30 August 2001
Commissioner of Income Tax, Bombay City-Iii, Bombay v. British Bank of Middle East
- Court
- Supreme Court of India
- Citation
- 2001 INSC 408 · [2001] SUPP. 2 S.C.R. 323
- Case number
- CIVIL APPEAL No. 95/1998
- Decided
- 30 August 2001
- Bench
- S.P. BHARUCHA, Y.K. SABHARWAL, ASHOK BHAN (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 40A(5), 3, 3(c)
Headnote
B Income Tax Act, I96l!Income Tax Rules, I962-Section 40A(5)/Rule 3(c)-Free cars provided by employer to employees for private use where actual expenditure is not ascertainable-Perquisite value-Amount of disa/lowance under the Section in the hands of employer-Applicability.of the C Rule in fixing to determine income fi"om sa/alJ' in the hands of employee-As regards the employer, perquisite value for disallowance should be estimated under Section 40A(5). In respect of respondent-assessee, for assessment years 1975-76 and D 1976-77 Revenue estimated the value of perqu,isite of free
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