Commissioner Of Income Tax vs T.V. Sundaram Iyengar & Sons
Whether expenses like rates and taxes paid for company-owned buildings/vehicles, salary to watchman, vehicle maintenance/depreciation, and personal accident insurance premiums constitute perquisites for disallowance under sections 40(c)/40A(5) of the Income Tax Act 1961 --- Held: Rates/taxes and insurance premiums NO; watchman salary, vehicle maintenance, and depreciation YES. Whether deposit under Companies Deposits Scheme qualifies for surcharge reduction under proviso to section 2(1)(b) of Finance (No. 2) Act 1977 --- Held: YES.
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