Supreme Court of India
Commissioner of Income Tax, Bombay City-iii, Bombay v. British Bank of Middle East
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
From the headnote
Income Tax Act, I96l!Income Tax Rules, I962-Section 40A(5)/Rule 3(c)-Free cars provided by employer to employees for private use where actual expenditure is not ascertainable-Perquisite value-Amount of disa/lowance under the Section in the hands of employer-Applicability.of the Rule in fixing the disal/owance-Held, Rule 3(c) is applicable to determine income fi"om sa/alJ' in the hands of employee-As regards the employer, perquisite value for disallowance should be estimated under Section 40A(5).
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