https://www.taxtmi.com/caselaws?id=55740 The Tribunal ruled in favor of the assessee, overturning the Income Tax Officer's valuation of the car perquisite and restriction on standard deduction. It was determined that unauthorized benefits taken without company approval do not constitute taxable perquisites under section 2(24)(iv) of the Income-tax Act, 1961. The Tribunal emphasized that benefits or perquisites must arise from an agreement or arrangement with the company to be taxable, leading to the cancellation of previous decisions and allowing the appeal in full. en-us Tue, 22 Sep 1981 00:00:00 +0530 Sun, 06 Feb 2011 03:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55740 The Tribunal ruled in favor of the assessee, overturning the Income Tax Officer's valuation of the car perquisite and restriction on standard deduction. It was determined that unauthorized benefits taken without company approval do not constitute taxable perquisites under section 2(24)(iv) of the Income-tax Act, 1961. The Tribunal emphasized that benefits or perquisites must arise from an agreement or arrangement with the company to be taxable, leading to the cancellation of previous decisions and allowing the appeal in full. Case-Laws Income Tax Tue, 22 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55740