https://www.taxtmi.com/caselaws?id=20455 The High Court of Bombay ruled in favor of the Revenue in a case concerning the interpretation of section 40A(5)(a)(ii) of the Income-tax Act, 1961. The Court held that depreciation on assets such as furniture, flat, air-conditioners, and refrigerators should be included in the computation of perquisites for employees. The Tribunal was directed to adjust its order accordingly, emphasizing that depreciation is considered an allowance under the relevant provision. The decision favored the Revenue's position, concluding that depreciation must be factored into the calculation of perquisites for employees. en-us Wed, 01 Sep 1993 00:00:00 +0530 Sat, 14 Nov 2009 10:55:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20455 The High Court of Bombay ruled in favor of the Revenue in a case concerning the interpretation of section 40A(5)(a)(ii) of the Income-tax Act, 1961. The Court held that depreciation on assets such as furniture, flat, air-conditioners, and refrigerators should be included in the computation of perquisites for employees. The Tribunal was directed to adjust its order accordingly, emphasizing that depreciation is considered an allowance under the relevant provision. The decision favored the Revenue's position, concluding that depreciation must be factored into the calculation of perquisites for employees. Case-Laws Income Tax Wed, 01 Sep 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20455