Taxes paid by the employer is treated as perquisites included in the salary and cannot be consider monetary payment to employee
Court :
Income Tax Appellate Tribunal
Brief :
On facts and circumstances of the case, whether the learned CIT(A) has erred in allowing exemption u/s 10(10CC), where the facts clearly establish that the tax paid by the company M/s Transocean Offshore Deepwater Drilling Inc. for assessment year 2008-09 was part and parcel salary of Mr. Mark Pankhurst & Mr. Ralph Visser, Agent and therefore, this payment on behalf of the assessee constituted a monetary payment falling outside the purview of section 10(10CC) of the Income-tax Act
Citation :
Assistant Di rector of Income-tax, International……….(Appel lant) V/s. M/s Sundowner Of fshore Internat ional Burmuda Ltd.……..(Respondent )
You have reached your daily limit of 2 Free Judgements
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited Judgements Access
Already a PRO member? Login here for an ad-free experience.
CS Bijoy
Published in Income Tax
Views : 2545
Comments
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
