1991 (2) TMI 41 - HC - Income Tax

Summary

The High Court of Bombay ruled in favor of the assessee regarding cash payments made to directors not being considered as "perquisites" under the Income-tax Act, 1961. The judgment was delivered by Judge T. D. Sugla. The case related to assessment years 1967-68 and 1968-69. The court's decision was based on the precedent set in the case of CIT v. Indokem Pvt. Ltd. [1981] 132 ITR 125.