https://www.taxtmi.com/caselaws?id=5791 SC held for the assessee, ruling that s.40A(5) does not permit disallowance by treating non-charging of interest on directors' running-account debit balances as a perquisite. The Court found the provision applies only where a deduction is claimed as salary or perquisite and that any remedy for concessional lending lies in regulation or legislative amendment, not by stretching s.40A(5). The Court also relied on the 1984 Amendment and its repeal and related Board circulars to uphold the High Court's approach and dismissed the Revenue's contention. en-us Mon, 10 Apr 2000 00:00:00 +0530 Tue, 07 Oct 2025 14:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5791 SC held for the assessee, ruling that s.40A(5) does not permit disallowance by treating non-charging of interest on directors' running-account debit balances as a perquisite. The Court found the provision applies only where a deduction is claimed as salary or perquisite and that any remedy for concessional lending lies in regulation or legislative amendment, not by stretching s.40A(5). The Court also relied on the 1984 Amendment and its repeal and related Board circulars to uphold the High Court's approach and dismissed the Revenue's contention. Case-Laws Income Tax Mon, 10 Apr 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5791