Transfer-pricing comparability permits fresh objections and filters where software service comparables are functionally unsuitable for arm's-length pr...
Territorial rendering requirement excludes China-based management and consultancy services from fees for technical services under the India-China DTAA...
FEMA borrowing restrictions bind charitable trusts, and civil penalties apply without proving intent for delayed repayment of non-resident rupee loans...
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.
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