2004 (2) TMI 12

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..... xcess of the limits permitted in section 40A(5)?" – Held that "The employees concerned herein also happen to be directors. The provision in clause (c) of section 40 applies to directors among others. Of course, section 40(c) is applicable only to companies whereas section 40A(5) is applicable to employees whether of companies or others. In the case of directors who are also employees, both the pro .....

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..... perquisites provided by the assessee-company to its directors in excess of the limits permitted in section 40A(5)?" Income-tax Reference No. 363 of 1984 also raises the same question. We are not required to deal with these matters in detail since the issue is covered by the decision of the Supreme Court in the case of CIT v. Indian Engineering and Commercial Corporation P. Ltd. [1993] 201 ITR 72 .....

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