Blocked input tax credit for resort construction remains unavailable; interest follows actual utilisation, while delayed payment attracts statutory pe...
Duplicate PAN allocation requires record verification and deactivation reasons before assessment-related transactions can be attributed to an assessee...
Faceless assessment safeguards require requested personal hearings and adequate final show-cause response time, failing which reassessment is required...
Salary income - Taxability of "fringe benefits" or "amenities" provided to employees - Validity of Section 17(2)(viii) and Rule 3(7)(i) - benefit enjoyed by bank employees from interest-free loans or loans at a concessional rate - The Supreme Court held that the legislative provision does not delegate essential legislative function unduly. It sets clear boundaries and standards for the CBDT to prescribe additional taxable perquisites. This adheres to permissible limits of subordinate legislation. - Both the provisions, i.e. section 17(2)(viii) and Rule 3(7)(i) are upheld as valid. - The appeals challenging their vires are dismissed. The Supreme Court upheld the legislative competence in delegating certain powers to the CBDT and validates the use of SBI's PLR as a benchmark for assessing the taxable value of perquisite.
Salary income - Taxability of "fringe benefits" or "amenities" provided to employees - Validity of Section 17(2)(viii) and Rule 3(7)(i) - benefit enjoyed by bank employees from interest-free loans or loans at a concessional rate - The Supreme Court held that the legislative provision does not delegate essential legislative function unduly. It sets clear boundaries and standards for the CBDT to prescribe additional taxable perquisites. This adheres to permissible limits of subordinate legislation. - Both the provisions, i.e. section 17(2)(viii) and Rule 3(7)(i) are upheld as valid. - The appeals challenging their vires are dismissed. The Supreme Court upheld the legislative competence in delegating certain powers to the CBDT and validates the use of SBI's PLR as a benchmark for assessing the taxable value of perquisite.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
