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2003 (12) TMI 24 - HC - Income TaxBy this application the petitioners being the Officers' Organisation of the Corporation Bank have challenged the taxability of the use of furniture at concessional hire rent. Under the direction of the Income-tax Department, the bank concerned has treated this use of the furniture to be a perquisite under section 17(2)(iii) – Petitioner submit that the rate of hire of furniture being charged by the employer has not been accepted judicially as being a concessional one so as to treat the same as perquisite under the aforesaid section. - held that the furniture supplied at a particular hiring rate by the employer to the employee cannot be treated to be a concessional rate
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