https://www.taxtmi.com/caselaws?id=15914 The High Court of Madras held that for disallowances under sections 40(c) and 40A(5) of the Income-tax Act, the actual expenditure incurred by the company should be considered, rejecting the use of the estimated perquisite value under rule 3 of the Income-tax Rules. The court emphasized curbing extravagant expenditure on benefits to directors and employees. The Revenue was awarded costs of Rs. 750. en-us Thu, 30 Apr 1998 00:00:00 +0530 Sat, 29 Aug 2009 17:39:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15914 The High Court of Madras held that for disallowances under sections 40(c) and 40A(5) of the Income-tax Act, the actual expenditure incurred by the company should be considered, rejecting the use of the estimated perquisite value under rule 3 of the Income-tax Rules. The court emphasized curbing extravagant expenditure on benefits to directors and employees. The Revenue was awarded costs of Rs. 750. Case-Laws Income Tax Thu, 30 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15914