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of <h1>Tribunal decision upheld by High Court, disallowance deleted for assessment year 1971-72.</h1> The High Court of Madras upheld the Tribunal's decision to delete the Income-tax Officer's disallowance under section 40(a)(v) for the assessment year ... Business Expenditure, Disallowance, Perquisite The High Court of Madras ruled in a tax case reference under section 256(1) of the Income-tax Act, 1961 that the Tribunal was right in deleting the Income-tax Officer's disallowance of Rs. 40,910 under section 40(a)(v) for the assessment year 1971-72. The decision was based on a previous ruling regarding cash payments not constituting 'perquisites.' The court ruled in favor of the assessee, with no costs awarded.
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