2006 (9) TMI 115 - SUPREME COURT

Validity of rule 3 of the Income-tax Rules, 1962, as amended by the Income-tax (Twenty-second) Amendment Rules, 2001, which amended the method of computing the valuation of perquisites u/s 17(2) - According to the appellants, amended rule 3 is inconsistent with the parent Act and also ultra vires article 14 of the Constitution - that though rule 3 of the rules cannot be held arbitrary, discriminatory