Saturday, 28 July 2018

ITAT : Allows Sec. 89 relief on arrears of superannuation fund contribution, ‘salary’ includes ‘perquisites’

Agra ITAT allows Sec. 89 relief to assessee-employee with respect to arrears received in lieu of employer's contribution to an approved superannuation fund [taxable as perquisite u/s. 17(2)(vii)] during AY 2014-15; Rejects Revenue’s stand that the payments made by employer was perquisites u/s. 17(2), which cannot qualify for relief u/s. 89(1) as it covers salary arrears and arrears for profit in lieu of salary u/s. 17(3) only; Observes that Sec. 17(1)(iv) defines ‘salary’ to inter alia include perquisites, hence relief u/s 89 is available qua perquisites also; Likewise, clarifies that though Rule 21A talks of income by ways of salary, it does pertain to perquisite as well:ITAT 

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Kolkata ITAT holds Husband's HUF not falling in the definition of ‘Relative’ of a Wife for gift-tax purposes under Income-tax

  Kolkata Tribunal has recently ruled that HUFs cannot be treated as “relatives” under the gift-tax provisions of the Income-tax Act, thereb...