9911796707
TMI Blog2007 (5) TMI 217X X X X Extracts X X X X X X X X Extracts X X X X ..... e of interest and the market rate of interest on loans advanced to employees for building houses was not to be considered as a perquisite – tribunal was right in deleting additions - question is decided against the revenue - 82 of 1989, 64 of 1992, 18 and 19 of 1993 - - - Dated:- 9-5-2007 - M. M. KUMAR and RAJESH BINDAL JJ. S. K. Garg Narwana, Advocate, for the revenue. S. K. Mukhi, Ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) 14.9.1990 I.T.A. No. 263/ASR/1990 1979-80 3. 18 19 of 1993 (CIT v. M/s Ess Ess Kay Engg. Co. (P) Ltd., Kapurthala) 21.9.1992 I.T.A. No. 704 705/ASR/ 1987 1982-83 1983-84 2. The common questions of law, which have arisen in these references are as under:- "1. Whether on the facts and in the circumstances of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 992. As per the statement of the case, the assessee is a Private Limited Company dealing in manufacture and sale of electrical accessories and porcelain fuse units. For the assessment year 1979-80, the assessee filed its return on 31.12.1979 declaring its taxable income at Rs. 1,76,680/-, which was subsequently revised on 23.2.1982, declaring taxable income at Rs. 1,82,180/-. The assessing officer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... High Court in the case of Commissioner of Income Tax v. Vazir Sultan Tobacco Co. Ltd., (1998) 173 ITR 290, has taken the view that the difference between the concessional rate of interest and the market rate of interest on loans advanced to employees for building houses was not to be considered as a perquisite for the purposes of Section 40(c). Hon'ble the Supreme Court in the case of Commi ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
