TMI Blog2021 (2) TMI 272X X X X Extracts X X X X X X X X Extracts X X X X ..... impugned expenditure were not incurred wholly and exclusively for the purpose of business, which is the real intent of Section 37(1) Authorities below appear to have rejected the claim of the assessee that these payments were in the nature of perquisites to the employees as contemplated under sub-clause (iv) of section 17(2) of the IT Act, according to which any sum paid by the employer in respect of any obligation which, but for such payment, would have been payable by the assessee, shall be included in perquisites. However, in view of proviso (iii) (iv) appended to this section clearly prohibit the applicability of section 17(2) in certain eventualities as contained in these provisions - Decided in favour of assessee. - ITA No. 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t an adjournment. In view of the above facts that the above issue is squarely covered in favour of the assessee, the ld. [CIT] - DR submitted that issue may be taken up for hearing. She relied on the order of the ld. Assessing Officer. 5. We have carefully considered the rival contentions and perused the orders of the lower authorities. The assessee is a company engaged in the business of Design Engineering, Manufacturing Trading of Vertical Roller Grinding Mill Systems of Cement Plants. It filed its return of income on 29.11.2012 declaring total income of ₹ 15,40,65,920/-. The ld. Assessing Officer passed the assessment order under Section 143(3) of the Income Tax Act, 1961 (the Act) on 10.12.2015 determining total income of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee for the insurance premium of such members who have attained the age of 21 years or more or who are the remote relations of assessee have already been offered by the assessee to tax before the ld. CIT(A), as also noted in the written submissions above. The ld. Authorities below appear to have rejected the claim of the assessee that these payments were in the nature of perquisites to the employees as contemplated under sub-clause (iv) of section 17(2) of the IT Act, according to which any sum paid by the employer in respect of any obligation which, but for such payment, would have been payable by the assessee, shall be included in perquisites. However, in view of proviso (iii) (iv) appended to this section clearly prohibit the appli ..... X X X X Extracts X X X X X X X X Extracts X X X X
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