https://www.taxtmi.com/caselaws?id=21487 The court ruled in favor of the assessee, holding that section 40A(5) of the Income-tax Act, 1961 did not apply as there was no expenditure incurred by the company resulting in the provision of a perquisite to employees through the sale of motor cars at a concessional rate. The judgment emphasized that for section 40A(5) to apply, there must be an expenditure directly or indirectly providing a perquisite, which was not the case here as the cars were sold at their written down value without additional expenditure. The court's decision was supported by precedents from other High Courts. en-us Mon, 24 Jul 1989 00:00:00 +0530 Tue, 24 Nov 2009 17:12:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21487 The court ruled in favor of the assessee, holding that section 40A(5) of the Income-tax Act, 1961 did not apply as there was no expenditure incurred by the company resulting in the provision of a perquisite to employees through the sale of motor cars at a concessional rate. The judgment emphasized that for section 40A(5) to apply, there must be an expenditure directly or indirectly providing a perquisite, which was not the case here as the cars were sold at their written down value without additional expenditure. The court's decision was supported by precedents from other High Courts. Case-Laws Income Tax Mon, 24 Jul 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21487