Court : Uttaranchal
Reported in : (2004)187CTR(Uttranchal)180; [2004]265ITR84(Uttaranchal)
..... that by the taxation laws (amendment) act, 1984, parliament amended the income-tax act and taxed interest free loan/concessional loan to employees for the purposes of building a house/motor car under section 17(2)(vi) with effect from april 1, ..... further pointed out that by the taxation laws (amendment) act, 1984, section 17(2) and section 40a of the income-tax act were amended. ..... counter affidavit filed by the department, averment is made to the effect that the impugned notification amending rule 3 of the income-tax rules was placed before parliament under section 296 of the income-tax act on december 7, 2001, in the lok sabha and on december 18, 2001, in the rajya sabha. ..... that by the same taxation laws (amendment) act, 1984, section 40a was also amended so as to put a ceiling on allowable deduction claimed by the employers for giving interest free loan/concessional loan to ..... this connection, he relied upon the judgment of the karnataka high court in the case of bhel employees' association manu/ka/0046/2003 : [2003]261itr15(kar) , which has held that there was no retrospective effect given by the impugned rules/notification. mr. ..... to learned counsel, every employer is responsible for deducting tax at source from salary income and, on such deduction, such employer shall furnish a statement giving correct particulars of perquisite provided to the employee and the value thereof in such form as may be prescribed. ..... that it includes pension, gratuity, fees, ..... the members of ..... members of .....
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