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The Legislature, by inserting sub-clause (vi) to clause(2) of section 17 with effect from 1-4-2009, has prescribed fringe benefits or amenities which are treated to be perquisite
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Rule 3(7) prescribes the amenity/benefit by way of valuation; it has the status of the benchmark; if the valuation results in a positive figure, i.e., State Bank of India rate, rate at which the employer grants loan, then it would be treated as a concession; thus, the rule lays down an express method and provides for a basis of ascertaining the value for concession.
HIGH COURT OF MADHYA PARDESH
All India Punjab National Bank Officers’ Association
v.
Chairman-cum-Managing Director, Punjab National Bank
Writ Petition Nos.3222,3275,3343,3489,3658,3749, 3752,3837,3951,3957,3958,3959,3962,3963,3973,4003,
4012,4013,4015,4181,4242,4243,4487,
14056 of 2008 and 3656, 3659 and 3660 of 2009
November 30, 2009
