https://www.taxtmi.com/caselaws?id=36915 The High Court upheld the Tribunal's decision that the tax liability undertaken by the company was not assessable as profits and gains of the assessee for the relevant assessment years. The rejection of the books of account was deemed unjustified, and the value of the benefit or perquisite was limited to the actual tax due without grossing up. Additionally, if the cash system of accounting was followed, the benefit should be assessed to tax on a receipt basis. The Court concurred with the Tribunal's findings on all issues, ruling in favor of the assessee. en-us Thu, 30 Aug 1979 00:00:00 +0530 Thu, 25 Mar 2010 12:57:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36915 The High Court upheld the Tribunal's decision that the tax liability undertaken by the company was not assessable as profits and gains of the assessee for the relevant assessment years. The rejection of the books of account was deemed unjustified, and the value of the benefit or perquisite was limited to the actual tax due without grossing up. Additionally, if the cash system of accounting was followed, the benefit should be assessed to tax on a receipt basis. The Court concurred with the Tribunal's findings on all issues, ruling in favor of the assessee. Case-Laws Income Tax Thu, 30 Aug 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36915