Supreme Court of India
All India Bank Officers’ Confederation v. The Regional Manager, Central Bank of India and Others
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.
What the Court ordered
We are of the opinion that the enactment of subordinate legislation for levying tax on interest free/concessional loans as a fringe benefit is within the rule-making power under Section 17(2)(viii) of the Act.
Judgment, page 19
From the headnote
Issue for Consideration I. Does Section 17(2)(viii) of the Income Tax Act, 1961 and/ or Rule 3(7)(i) of the Income Tax Rules, 1962 lead to a delegation of the ‘essential legislative function’ to the Central Board of Direct Taxes? II. Is Rule 3(7)(i) of the Income Tax Rules, 1962 arbitrary and violative of Article 14 of the Constitution of India insofar as it treats the Prime Lending Rate of the State Bank of India as the benchmark? Headnotes Income Tax Act, 1961 – Section 17(2)(viii) – Income Tax Rules 1962 – Rule 3(7)(i) – Challenged before High Courts – High Courts dismissed the writ
Authorities it was built on
- 2019 Swiss Ribbons Pvt. Ltd. & Anr. v. Union of India & Ors.
- 2008 Government of Andhra Pradesh & Ors. v. Smt. P. Laxmi Devi
- 1954 Rajnarain Singh v. The Chairman, Patna Administration Committee, Patna, and Another.
- 2006 Arun Kumar and Ors v. Union of India and Ors.
- 1968 Municipal Corporation of Delhi v. Birla Cotton, Spinning and Weaving Mills, Delhi and Another
- 1964 Corporation of Calcuta and Another v. Liberty Cinema
- 1954 Harishankar Bagla and Another v. The State of Madhya Pradesh.
- 1958 Pandit Banarsi Das Bhanot v. The State of Madhya Pradesh & Others
- 1951 In Re the Delhi Laws Act, 1912, the Ajmer-merwara (extension of Laws) Act, 1947 and the Part C States (laws) Act, 1950 v. Reference Case
- 2018 Addl. Commissioner of Income Tax v. Bharat V. Patel
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