1999 (3) TMI 16

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..... assessee on behalf of the employee-director formed part of 'salary' and allowable as deduction from computing the assessable income of the company and not 'perquisite', disallowable under section 40A (5) or 40(c) - question of law does arise which should be considered by the High Court.
S. P. BHARUCHA AND R. C. LAHOTI JJ. For the Appellant : Ranbir Chandra and B. K. Prasad, Advocates ORDER W .....

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..... where it is stated that the payment by an assessee of any sum, whether directly or through a fund, other than a recognised provident fund or an approved superannuation fund, to effect an assurance on the life of an employee or to effect a contract for an annuity is a perquisite. We think, in the circumstances, that a question of law does arise which should be considered by the High Court. Accord .....

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