Pre-enactment land-sale agreements escape stamp-duty value substitution where substantial banking-channel consideration was received before Section 43...
Customs valuation and classification require comparable evidence and assessment of imported goods in their actual condition, invalidating related pena...
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.
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