https://www.taxtmi.com/caselaws?id=16390 The court affirmed the disallowance of perquisites exceeding the statutory limit under section 40A(5) of the Income-tax Act, 1961. It clarified that the value of perquisites, including car facilities, should not exceed 1/5th of the salary paid to employees. Additionally, it was established that the Assessing Officer is not obligated to allow depreciation if not specifically claimed by the assessee. The treatment of loss due to fluctuation in foreign exchange rate was deemed as capital expenditure, supported by various High Court judgments. en-us Thu, 14 Aug 1997 00:00:00 +0530 Mon, 07 Sep 2009 14:53:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16390 The court affirmed the disallowance of perquisites exceeding the statutory limit under section 40A(5) of the Income-tax Act, 1961. It clarified that the value of perquisites, including car facilities, should not exceed 1/5th of the salary paid to employees. Additionally, it was established that the Assessing Officer is not obligated to allow depreciation if not specifically claimed by the assessee. The treatment of loss due to fluctuation in foreign exchange rate was deemed as capital expenditure, supported by various High Court judgments. Case-Laws Income Tax Thu, 14 Aug 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16390