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2009 (11) TMI 132 - MADHYA PRADESH HIGH COURTSalary/perquisite under section 17– Rate of Interest– The petitioner, All India Punjab National Bank Officers’ Association, is aggrieved by the deduction of tax at source by the authorities of the bank, in respect of interest- free loans given to the members of the Officers’ Association. In this case Madras High Court-held that the treatment of the loans at concessional rate of interest as perquisite was valid. The petition dismissed. Decision in favor of revenue – against the assessee.
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