Cash Payments to Directors Not "Perquisites" under Income-tax Act

The High Court of Bombay held that cash payments to directors were not considered "perquisites" under the Income-tax Act, 1961, for the assessment years 1967-68 and 1968-69. Judge T. D. Sugla delivered the judgment, relying on the precedent in CIT v. Indokem Pvt. Ltd. [1981] 132 ITR 125.

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The High Court of Bombay ruled in favor of the assessee regarding cash payments made to directors not being considered as "perquisites" under the Income-tax Act, 1961. The judgment was delivered by Judge T. D. Sugla. The case related to assessment years 1967-68 and 1968-69. The court's decision was based on the precedent set in the case of CIT v. Indokem Pvt. Ltd. [1981] 132 ITR 125.

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