Constitutional Validity of Rule 3(7)(i) Upheld; Perquisite Valuation for Concessional Loans Remains Valid
Constitutional Validity of Rule 3(7)(i) Upheld; Perquisite Valuation for Concessional Loans Remains Valid Issue Whether Rule 3(7)(i) of the Income-tax Rules, 1962, relating to the valuation of interest-free or concessional loans as perquisites under Section 17 of the Income-tax Act, is unconstitutional and ultra vires. Facts The petitioner filed a writ petition before the High… Read More »