1991 (8) TMI 8

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....er the Income-tax Act, 1961. The respondent assessee-company paid seven of its employees, in addition to what was described as their salary, certain amounts of bonus, commission and house rent allowance. Treating these items as perquisites within the meaning of section 40(a)(v), the Income-tax Officer disallowed a sum of Rs. 47,440. This was held to be the amount in excess of 20% of their salary.....

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....uestion was covered by a circular of the Central Board dated March 4, 1972.Hence, this appeal. The question before us is whether there is a question of law arising out of the Tribunal's order which should have been referred to the High Court or not. At the outset, we should like to point out that the appeal relates to the assessment year 1971-72 and about 20 years have elapsed since then. Section....