1981 (7) TMI 30 - HC - Income Tax

Summary

The High Court of Calcutta ruled in favor of the assessee on two questions: 1) Tribunal erred in not considering motor car allowance as a perquisite, and 2) Assessee was eligible for a 35% rebate on corporate tax as a manufacturer of automobile ancillaries. The judgment was based on the findings and directions given by the Appellate Tribunal and AAC. Each party will bear their own costs.