https://www.taxtmi.com/caselaws?id=241543 The High Court ruled in favor of the assessee on both issues raised in the reference applications. It held that perquisites to directors were allowable expenses under Section 40A(5) of the Income Tax Act, 1961, within the prescribed limit. Additionally, the provision for proposed dividend was not deductible from the value of assets for computing capital employed under Section 80J, as it was not approved by the General Body of shareholders. The Court directed the Income Tax Appellate Tribunal to act in accordance with its decisions. en-us Wed, 23 Oct 2013 00:00:00 +0530 Fri, 20 Dec 2013 09:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=241543 The High Court ruled in favor of the assessee on both issues raised in the reference applications. It held that perquisites to directors were allowable expenses under Section 40A(5) of the Income Tax Act, 1961, within the prescribed limit. Additionally, the provision for proposed dividend was not deductible from the value of assets for computing capital employed under Section 80J, as it was not approved by the General Body of shareholders. The Court directed the Income Tax Appellate Tribunal to act in accordance with its decisions. Case-Laws Income Tax Wed, 23 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=241543