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TMI Blog2009 (7) TMI 50X X X X Extracts X X X X X X X X Extracts X X X X ..... e employer on behalf of the employees, was not a perquisite in the nature of monetary perquisite to its employees, and as such assessees are entitled to exemption under Section 10 (10CC) of the Act – matter remitted to tribunal for re-consideration in view of larger bench decision - 206, 208, 209 of 2007 and others - - - Dated:- 24-7-2009 - Hon'ble Prafulla C. Pant, J. and Hon'ble B.S. Verma, J ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppeals are as under:- 1) Whether the Income Tax Appellate Tribunal erred in law in holding that the appellant/assessee, an employer, who paid Income Tax on the salaries of its employees, is not exempted under Section 10 (10 CC) of Income Tax Act, 1961? 2) Whether the Income Tax Appellate Tribunal has erred in law in holding that the income tax payable by the appellant on the principle of mul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vide its order dated 21.07.2006, partly allowed the appeals, whereafter the appeals were preferred by the assessees before ITAT, which were dismissed, vide impugned order dated 08.06.2007. 5. Clause (10CC) of Section 10 of the Income Tax Act, 1961, provides that in computing total income, in the case of an employee, being an individual deriving income in the nature of a perquisite, not provid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uisite in the nature of monetary perquisite to its employees, and as such assessees are entitled to exemption under Section 10 (10CC) of the Act. The said view taken by the larger bench is contrary to the view taken by the Division Bench of the tribunal in the impugned order. 7. In the circumstances, without expressing any opinion as to the final merits of the case, we think it just and prope ..... X X X X Extracts X X X X X X X X Extracts X X X X
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