1990 (11) TMI 31 - HC - Income Tax

Summary

The High Court of Madras ruled in a tax case reference under section 256(1) of the Income-tax Act, 1961 that the Tribunal was right in deleting the Income-tax Officer's disallowance of Rs. 40,910 under section 40(a)(v) for the assessment year 1971-72. The decision was based on a previous ruling regarding cash payments not constituting "perquisites." The court ruled in favor of the assessee, with no costs awarded.