https://www.taxtmi.com/caselaws?id=256760 The court ruled in favor of the revenue regarding the interpretation of Section 37(4) and 37(5) of the Income Tax Act, stating that rent paid for a guest house cannot be allowed as a deduction. However, the court sided with the assessee on the treatment of cash payments as perquisites under Section 40(A) (5) (a) (ii) of the Act, determining that such payments do not qualify as perquisites. Additionally, the court supported the assessee's claim for the allowance of extra shift allowance and ruled against the revenue's arguments on the reduction of capital employed by proportionate liabilities in different units. en-us Mon, 08 Dec 2014 00:00:00 +0530 Sat, 21 Feb 2015 10:31:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256760 The court ruled in favor of the revenue regarding the interpretation of Section 37(4) and 37(5) of the Income Tax Act, stating that rent paid for a guest house cannot be allowed as a deduction. However, the court sided with the assessee on the treatment of cash payments as perquisites under Section 40(A) (5) (a) (ii) of the Act, determining that such payments do not qualify as perquisites. Additionally, the court supported the assessee's claim for the allowance of extra shift allowance and ruled against the revenue's arguments on the reduction of capital employed by proportionate liabilities in different units. Case-Laws Income Tax Mon, 08 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256760