https://www.taxtmi.com/caselaws?id=27762 The court held that the premium paid on personal accident insurance policies of employees should not be considered a perquisite under section 40A(5) of the Income-tax Act, 1961. The court emphasized that the policy was taken for the benefit of the company, not the employees, as the amount was payable to the company, not the employees listed in the policy. Since the employees had no right to claim the amount, the premium paid was not deemed a perquisite. The court ruled in favor of the assessee-company, concluding that the premium should not be treated as a perquisite under the Act. en-us Thu, 02 Aug 1984 00:00:00 +0530 Mon, 15 Feb 2010 18:30:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27762 The court held that the premium paid on personal accident insurance policies of employees should not be considered a perquisite under section 40A(5) of the Income-tax Act, 1961. The court emphasized that the policy was taken for the benefit of the company, not the employees, as the amount was payable to the company, not the employees listed in the policy. Since the employees had no right to claim the amount, the premium paid was not deemed a perquisite. The court ruled in favor of the assessee-company, concluding that the premium should not be treated as a perquisite under the Act. Case-Laws Income Tax Thu, 02 Aug 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27762