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2003 (4) TMI 36 - HC - Income TaxWhether the Tribunal was right in holding that the club membership fees paid to the employees of Citibank did not constitute perquisite within the meaning of section 40A(5)?" – we answer this question in the affirmative, i.e., in favour of the assessee - Whether the Tribunal was right in holding that for the purpose of disallowance under section 40A(5), the word 'salary' included encashment of unavailed leave?" - we answer this question in favour of the Department - Whether the Tribunal was right in holding that two separate limits have to be applied for computing disallowance u/s 40A(5) qua an employee who retires and qua an employee who ceases to be in the employment during the previous year - we answer this question in the negative, i.e.," in favour of the Department - Whether the Tribunal was right in holding that interest for the broken period should not be considered as part of the purchase price, but should be allowed as revenue expenditure in the year of purchase of securities?" – This question is answered in the affirmative, i.e., in favour of the assessee
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