https://www.taxtmi.com/caselaws?id=12704 The High Court upheld the validity of Notification No. S. O. 940(E), dated September 25, 2001, which substituted new rule 3 with the old one. The Court found that the notification, granting powers to the Revenue for perquisite computation, was not arbitrary. It concluded that the retrospective application of the amendment was lawful under Section 295(4) of the Income-tax Act, as it did not prejudice assessee interests and provided the option to compute perquisites under old rules for a specified period. The Court dismissed the petitions challenging the notification and its retrospective application. en-us Fri, 14 Jun 2002 00:00:00 +0530 Thu, 21 May 2009 13:22:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12704 The High Court upheld the validity of Notification No. S. O. 940(E), dated September 25, 2001, which substituted new rule 3 with the old one. The Court found that the notification, granting powers to the Revenue for perquisite computation, was not arbitrary. It concluded that the retrospective application of the amendment was lawful under Section 295(4) of the Income-tax Act, as it did not prejudice assessee interests and provided the option to compute perquisites under old rules for a specified period. The Court dismissed the petitions challenging the notification and its retrospective application. Case-Laws Income Tax Fri, 14 Jun 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12704