https://www.taxtmi.com/caselaws?id=36203 The court upheld the Tribunal's decision that insurance premiums paid by the employer for accident insurance covering air travel were not taxable perquisites under Sec. 17(2) of the Income Tax Act, 1961, for the assessment years 1965-68. Additionally, the court affirmed the Tribunal's ruling that interest paid on borrowed money for annuity deposits during 1966-68 qualifies as a deductible expense under "other sources," reversing the initial rejection by the ITO and AAC. Consequently, the court ruled in favor of the assessee, directing the Commissioner to bear the costs of the reference. en-us Mon, 18 Feb 1980 00:00:00 +0530 Sun, 22 Dec 2024 07:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36203 The court upheld the Tribunal's decision that insurance premiums paid by the employer for accident insurance covering air travel were not taxable perquisites under Sec. 17(2) of the Income Tax Act, 1961, for the assessment years 1965-68. Additionally, the court affirmed the Tribunal's ruling that interest paid on borrowed money for annuity deposits during 1966-68 qualifies as a deductible expense under "other sources," reversing the initial rejection by the ITO and AAC. Consequently, the court ruled in favor of the assessee, directing the Commissioner to bear the costs of the reference. Case-Laws Income Tax Mon, 18 Feb 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36203