https://www.taxtmi.com/caselaws?id=11507 The court resolved the issues by ruling in favor of the assessee regarding the club membership fees and the treatment of interest for the broken period, determining that these did not constitute a perquisite under section 40A(5) and should be considered as revenue expenditure, respectively. However, the court ruled in favor of the Department on the inclusion of retirement benefits like encashment of unavailed leave under section 40A(5), affirming that these benefits fall under the definition of salary as per section 17(1) of the Income-tax Act and are subject to disallowance. en-us Wed, 16 Apr 2003 00:00:00 +0530 Fri, 29 Nov 2024 12:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11507 The court resolved the issues by ruling in favor of the assessee regarding the club membership fees and the treatment of interest for the broken period, determining that these did not constitute a perquisite under section 40A(5) and should be considered as revenue expenditure, respectively. However, the court ruled in favor of the Department on the inclusion of retirement benefits like encashment of unavailed leave under section 40A(5), affirming that these benefits fall under the definition of salary as per section 17(1) of the Income-tax Act and are subject to disallowance. Case-Laws Income Tax Wed, 16 Apr 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11507