https://www.taxtmi.com/caselaws?id=10214 Where a company director is also an employee, disallowance of perquisites is governed by both section 40(c) and section 40A(5) of the Income-tax Act, and the higher of the two ceilings must be applied. The Supreme Court authority treated section 40(c) as applicable to directors and section 40A(5) as applicable to employees generally; on that basis, the Tribunal correctly restricted the disallowance by adopting the higher ceiling under section 40(c). The reference was therefore answered in favour of the assessee and against the Revenue, and the Tribunal's view was upheld. en-us Thu, 26 Feb 2004 00:00:00 +0530 Fri, 10 Jul 2009 12:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10214 Where a company director is also an employee, disallowance of perquisites is governed by both section 40(c) and section 40A(5) of the Income-tax Act, and the higher of the two ceilings must be applied. The Supreme Court authority treated section 40(c) as applicable to directors and section 40A(5) as applicable to employees generally; on that basis, the Tribunal correctly restricted the disallowance by adopting the higher ceiling under section 40(c). The reference was therefore answered in favour of the assessee and against the Revenue, and the Tribunal's view was upheld. Case-Laws Income Tax Thu, 26 Feb 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10214