https://www.taxtmi.com/caselaws?id=30094 The Punjab and Haryana High Court upheld the Income Tax Appellate Tribunal's decision to delete disallowances under Sections 40A(5)/40A(6) of the Income-tax Act, 1961, related to concessional interest charged from the Managing Director and meeting fees. The court referenced precedents to support its ruling that the difference between concessional and market interest rates on loans to employees is not a perquisite under Section 40(c). Additionally, the court allowed director's meeting fees over and above total emoluments, aligning with previous judgments and directing the order's placement in related case files for future reference. en-us Wed, 09 May 2007 00:00:00 +0530 Wed, 27 Aug 2008 08:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30094 The Punjab and Haryana High Court upheld the Income Tax Appellate Tribunal's decision to delete disallowances under Sections 40A(5)/40A(6) of the Income-tax Act, 1961, related to concessional interest charged from the Managing Director and meeting fees. The court referenced precedents to support its ruling that the difference between concessional and market interest rates on loans to employees is not a perquisite under Section 40(c). Additionally, the court allowed director's meeting fees over and above total emoluments, aligning with previous judgments and directing the order's placement in related case files for future reference. Case-Laws Income Tax Wed, 09 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30094