2008 (1) TMI 586

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.... The judgment of the court was delivered by Deepak Verma J.- Heard Sri M. V. Seshachala counsel for the appel-lant and Sri G. Parthasarathi counsel for the respondent. 2. This appeal is under section 260A of the Income-tax Act, 1961, (hereinafter shall be referred to in short "the Act"), at the instance of the Revenue, against the order passed by the Income-tax Appellate Tribunal.  Th....

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.... The assessee is a limited company which paid club fees on behalf of its executives, who are members of respective clubs, on account of the fact that they happen to be the executives of the company. According to the assessee, corporate membership has been obtained by the company for the benefit of the assessee and it is not a perquisite in the hands of the assessee's executives. 4. According to....

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....uisites as the employee executives were the direct beneficiaries of the aforesaid materials. Thus, short recovery of tax was computed at Rs. 93,121 together with interest under section 201(1A) of the Act at Rs. 19,788. Against the order of the Assessing Officer, an appeal was taken by the assessee to the Commissioner of Income-tax (Appeals) which also met with the fate of dismissal. Against this o....

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....executives who were conferred the said benefit was also furnished and if the Assessing Officer wanted to verify, he could have done so. But this has not been taken into consideration at all and on the wrong premise he proceeded to decide the matter against the assessee. 9. We also find from the order passed by the Assessing Officer that even though this material piece of evidence was available ....