...whereas section 28(iv) to charge the value of any benefit or perquisite, meaning thereby that the benefit must be in kind whereas the waiver of loan was in cash. Hence, clause (iv) of section 28 was...

...(iv) to charge the value of any benefit or perquisite, meaning thereby that the benefit must be in kind whereas the waiver of loan was in cash. Hence, clause (iv) of section 28 was not attracted. The...

...without charging any interest thereon. The Income Tax Officer held that non-charging of interest on the debit balance would amount to perquisite in the hands of the assessee within the meaning of...assessee could not be treated as a perquisite within the meaning of Section 17(2) of the Act. The High Court referred to the definition of “perquisite” as given in Section 17(2) and observed...Company's car by the Director was a perquisite or benefit within the meaning of Section 2(24) of the Act and assessable to income of the assessee. The assessee was an HUF. Karta of the HUF was the...

...read with Rule 3 of the Rules is that it must be a “perquisite” within the meaning of the Act. Clause (ii) of sub-section (2) of Section 17 can be attracted provided there is “concession” in the matter...legislation or subordinate legislation cannot impose liability on the employer to deduct tax or on the employee to pay tax holding that the concessional rent was “perquisite” within the meaning of Section...“perquisite” within the meaning of Section 17(2)(ii) of the Act. The concept of fair rental value of the accommodation has been given the go-by in view of practical difficulties realised by the Revenue...

...the Assessing Officer that it is not a perquisite within the meaning given under section 17(2) of the Act of 1961. The Assessing Officer did not allow it as a deduction and held that it is a perquisite...Direct Taxes, which is applicable for the assessment year 1987-88, the Tribunal has committed error in holding that it is not perquisite within the meaning of section 17(2) of the Act, 1961...reimbursement of the medical expenditure incurred outside of India should not be taken as perquisite within the meaning of section 17(2) of the Act, 1961.9. Whether the medical...

...section 280v) of the Act seeks to charge the value of any benefit or perquisite meaning thereby that the benefit must be in kind. The Court further held that the waiver of loan is in respect of money..., the Court explained that section 28(iv) seeks to charge the value of any benefit or perquisite, meaning thereby that the benefit must be in kind whereas the waiver of loan was in cash. Hence, clause...the assessee to the credit of the government on behalf of the lender i.e. the above said amount has already been paid by the assessee, meaning there, the said TDS amount should be treated as having...

...representing leave allowance paid in cash to certain of its employees. The view of the ITO was that these payments would either amount to salary or benefit or perquisite within the meaning of s. 40(c)(iii) or...., [1979] 119 ITR 431 and it was to the effect that any cash payment directly made to the employee cannot be considered to be a perquisite within the meaning of ...benefit or amenity or perquisite, and as such, the disallowance was improper. Though the Tribunal had considered the question whether the leave allowance would be salary, or benefit or amenity or...

...that interest subsidy does not form a perquisite within the meaning of Section 17(2)(iv) of the Income-tax Act. But the Assessing Officer concluded that the assessee-company...Appellate Tribunal is correct in holding that the interest subsidy is a perquisite within the meaning of Section 17(l)(iv) of the Income-tax Act, 1961? 3. Whether, in the facts and...circumstances of the case, the Income-tax Appellate Tribunal is correct in holding that the interest subsidy is a perquisite within the meaning of Section 17(l)(iv) of the Income-tax Act, 1961...

...”.6. From a Reading of the above said provisions, it follows that if incentive bonus falls within the meaning of “salary” or “perquisite” or “Profits in lieu of salary” within the meaning of...Board, which was initially paid to the employees in the Thermal Station at Vijayawada but was later extended to the other employees of the Board, would fall within the meaning of “perquisite”. The...generation of electricity and did fall within the meaning of “perquisite”. There it was mentioned that there was no contractual or statutory obligation on the part of the Board to pay bonus and that it was a...

...indicating the meaning of the said expression.] Now, take a case where the assessee provides a rent-free accommodation to its employee. It would be a ‘perquisite’ within the meaning of sub-clause (v) and...—(v) any expenditure which results directly or indirectly in the provision of any benefit or amenity or perquisite, whether convertible into money or not, to an employee...perquisite to an employee whose income chargeable under the head ‘Salaries’ is seven thousand five hundred rupees or less.Explanation 1.— The provisions...

...section 28(iv) seeks to charge the value of any benefit or perquisite, meaning thereby that the benefit must be in kind; the Court further held that waiver of loan is in respect of money transaction.... [Para 21] Section 28(iv) seeks to charge the value of any benefit or perquisite, whether convertible into money or not, arising from business or the exercise of a profession..., as profits and gains of business or profession. Therefore, what is to be examined is whether the waiver of loan would amount to a perquisite so as to be taxable, as such, under section 28. The...

....”4. A plain reading of the aforesaid provision shows that if any accommodation is given to an employee of the bank as a rent-free accommodation, the same comes within the meaning of ‘perquisite...consideration is as to whether standard rent paid by the employees of the respondent-bank towards their accommodation allotted to them by the bank is a “perquisite” within the meaning of clause (2) of...to the employees on payment of standard rent is not a concession as to be included within the meaning of perquisite. In the case of Officers' Association...

...that the said allowance could not be treated as a perquisite within the meaning of section 17(2) either and the same was also exempt under notification dated June 9, 1989. However, the said...

...of a perquisite within the meaning of clause (2) of section 17, specifically granted to meet expenses wholly, necessarily and exclusively incurred in the performance of the duties of an office or...

...insurance policy in respect of the managing director could not be considered to be a perquisite within the meaning of section 40(c) of the Income-tax Act, 1961?(2) Whether, on the facts and...pre mium for personal accident insurance policy in respect of the managing director could not be considered to be a perquisite within the meaning of section 40(c) of the Income-tax Act...

...within the expression “benefit, amenity or perquisite” within the meaning, of section 40(c)(iii) of the Income-tax Act, 1961, and in directing accordingly the allowance of Rs...

...treated as a benefit, amenity or perquisite to the employees within the meaning of s. 40(c)(iii).4. The finding of the Tribunal that the company will have to undertake repairs of the..., amenity or perquisite to the employees within the meaning of s. 40(c)(iii).5. We, therefore, answer the question referred to us in the negative, in favour of the assessee and against...benefit, amenity or perquisite to the employees. The company will have to undertake the repairs to the flats in the normal course. On this ground it held that the expenditure for repairs cannot be...

...perquisite within the meaning of the term ‘perquisite’ as used in section 40A(5)(a) of the Income-tax Act, 1961?”11. Sri Srinivasan contends for answering this question also in favour...detailed examination has held that it was not a perquisite falling within the meaning of that term occurring in Explanation 2(b)(iv) and (v) of section 40A(5) of the Act, but was a deductible expenditure...holding that insurance premia paid are not a perquisite within the meaning of that term occurring in the Act. For all these reasons, we hold that question No. 2 in ITRC No. 220 of 1979 has to be...

...perquisite within the meaning of s. 40(c)(iii) of the I.T Act, 1961, as it stood at the relevant time and were fully deductible.2. The ITO rejected the claim...allowance’ did not fall within the expressions ‘benefit’, ‘amenity’ or ‘perquisite’ within the meaning of section 40(c)(iii) of the Income-tax Act, 1961, and in directing...’, ‘amenity’ or ‘perquisite’ within the meaning of section 40(c)(iii) of the Income-tax Act, 1961, and in directing accordingly the allowance of Rs. 4,13,811 for the assessment year...

.... 1,17,60,210/- without appreciating that the difference between the market rent and the rent actually paid by the assessee is a perquisite within the meaning of Sec. 17(2)(ii) or a benefit within the...between the market rent and the rent actually paid by the assessee is a perquisite within the meaning of Sec. 17(2)(ii) or a benefit within the meaning of Sec. 2(24)(iv).”6. Considering...meaning of Sec. 2(24)(iv).”3. At the very outset, the Ld. Counsel for the assessee brought to our notice order of the Tribunal in assessee's own case for A.Y. 2009-10 in ITA No. 5319/Mum/2012...