DIT vs. Sedco Forex International Drilling Inc (Uttarakhand High Court)
The assessee-employer entered into agreements with the employees pursuant to which it agreed to bear the income tax payable by the employees on their salary. The question was whether such tax payment was “income in the nature of a perquisite, not provided for by way of monetary payment, within the meaning of clause (2) of section 17” so as to be exempt in the hands of the employee. HELD by the High Court:
The assessee-employer entered into agreements with the employees pursuant to which it agreed to bear the income tax payable by the employees on their salary. The question was whether such tax payment was “income in the nature of a perquisite, not provided for by way of monetary payment, within the meaning of clause (2) of section 17” so as to be exempt in the hands of the employee. HELD by the High Court:
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