S. 158BB has to be read with the relevant Finance Act and the surcharge prescribed therein is applicable to a block assessment. The Proviso to s. 113 of the Act, though inserted by the Finance Act 2002 with effect from 1.6.2002, is clarificatory and applies to searches conducted before that date.
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- Infosys Technologies (Supreme Court)
(i) A stock option which is subject to a ‘lock-in’ is not a chargeable perquisite u/s 17(2) on the date of grant, vesting or exercise. The benfit is purely notional. (ii) s. 17(2)(iiia) inserted w.e.f 1.4.2000 is not clarificatory; (iii) Every “benefit” is not chargeable unless it is in…
March 21st, 2011 at 10:54 pm
[...] and the other provisions cannot apply is not acceptable. S. 40A(3) applies to block proceedings. Suresh Gupta 297 ITR 322 (SC) & M. G. Pictures 185 CTR (Mad)185 followed; Cargo Clearing Agency 218 CTR [...]