2003 (2) TMI 34

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....ue, in respect of the assessment year 1974-75, the Income-tax Appellate Tribunal (for short "the Tribunal") has referred under section 256(1) of the Income-tax Act, 1961 (for short 'the Act"), the following question for our opinion: "Whether, on the facts and in the circumstances of the case, the value of benefit or amenity relating to expenses on car for the purpose of applying the provisions ....

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....ee. The issue raised is no more res integra. A similar question came up for consideration of the apex court in CIT v. British Bank of Middle East [2001] 251 ITR 217, wherein while dealing with the question of disallowance of excess expenditure incurred by an employer on an employee, under section 40A(5) of the Act, their Lordships of the Supreme Court have observed that section 40A(5) and rule ....