https://www.taxtmi.com/caselaws?id=276676 Employer contributions paid into a trust for a deferred annuity were not taxable as salary perquisites under section 7(1) because the employees had no present vested right or immediate entitlement in the employer's share during the accounting year. The amounts were not "allowed to" or "due to" the employees, since their benefit depended on retirement or other contingent events under the deed and rules. A deferred annuity was also outside paragraph (v) of Explanation 1 to section 7(1), which was read as referring to an ordinary annuity and not an expressly deferred, contingent benefit. The references were therefore answered in favour of the employees. en-us Mon, 09 Jan 1961 00:00:00 +0530 Thu, 15 Nov 2018 16:47:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276676 Employer contributions paid into a trust for a deferred annuity were not taxable as salary perquisites under section 7(1) because the employees had no present vested right or immediate entitlement in the employer's share during the accounting year. The amounts were not "allowed to" or "due to" the employees, since their benefit depended on retirement or other contingent events under the deed and rules. A deferred annuity was also outside paragraph (v) of Explanation 1 to section 7(1), which was read as referring to an ordinary annuity and not an expressly deferred, contingent benefit. The references were therefore answered in favour of the employees. Case-Laws Income Tax Mon, 09 Jan 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276676