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TMI Blog2001 (8) TMI 88X X X X Extracts X X X X X X X X Extracts X X X X ..... ective salary receipts, for the purposes of computing the tax deductible from their salaries. When the assessee was, asked to explain, it filed a reply on March 2, 1995, enclosing thereto a letter dated March 19, 1992 issued by the Income-tax Officer certifying that interest subsidy does not form a perquisite within the meaning of section 17(2)(iv) of the Income-tax Act. But the Assessing Officer concluded that the assessee-company ought to have considered the interest subsidy, as salary income and deducted tax at source under section 192 of the Act on the whole salary income and since the employer failed to do so, he held that the assessee-company, an "asses see in default" in terms of section 201(1) of the Act. Consequently, the tax, whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mpany is liable to pay tax on interest subsidy provided to its employees in accordance with the provisions of section 201 of the Income-tax Act, though the assessee-company was under honest belief that such interest subsidy is not includible as perquisite? 5. Whether, in the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is correct in holding that the Income-tax Officer can pass an order under section 201 of the Income-tax Act inspite of the fact that the employees filed returns of income separately before the Assessing Officer having jurisdiction? 6. Whether, in the facts and in the circumstances of the case, the Income-tax Appellate Tribunal, is correct, in holding that the assessee-company, basing on vari ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome-tax Appellate Tribunal is correct in holding that the interest subsidy is a perquisite within the meaning of section 17(1)(iv) of the Income-tax Act, 1961? 2. Whether, in the facts and circumstances of the case, the Income-tax Appellate Tribunal is correct in holding that the interest subsidy is a part of salary and should have been included in the salary income for the purpose of working out tax deducted at source under section 192 of the Income-tax Act, 1961? 3. Whether, in the facts and, circumstances of the case, the Income-tax Appellate Tribunal is correct in holding that the assessee-company is liable to pay tax on interest subsidy provided to its employees in accordance with the provisions of section 201 of the Income-tax Act ..... X X X X Extracts X X X X X X X X Extracts X X X X
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