Benefit derived by the employees not taxed as perquisites.

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....ell their vehicles to their employees at a nominal prices and the benefit derived by the employees are not taxed as perquisites in their hands. 2. The above observation of the Comptroller & Auditor General has been considered by the Board. Section 17(2)(iii) of the Income-tax Act, 1961 lays down that the value of any benefit or amenity granted or provided free of cost or at a concessional rate in....

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....f section 17(2)(iii) of the Income-tax Act, 1961. 3. The Income-tax Officers assessing the employer should specially enquire at the time of their assessment whether any assets have been sold to their directors or employees falling in the categories mentioned in para 1 above. If such a sale has been effected an examination should be made whether the sale was at market price or at less than the mar....