Interest-Free Loans for Bank Employees Taxable as Salary Perquisites: Section 17(2)(viii) and Rule 3(7)(i) Upheld.

Salary income - taxability of interest free or concessional loan offered by a bank to its own employee - If salary is taxable and some perquisite or benefit forms part of a package, the same should also be taxed. Therefore, we are of the considered view that the challenge to Section 17(2)(viii) as well as Rule 3(7)(i) has to fail. - HC .....

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