Case Law Details
Case Name : All India Bank Officers’ Confederation Vs Regional Manager (Supreme Court of India)
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Courts :
Supreme Court of India
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All India Bank Officers’ Confederation Vs Regional Manager (Supreme Court of India)
Supreme Court recently ruled on the taxation of interest-free/concessional loans to bank employees. This article provides an in-depth analysis of the judgment, examining the legal framework, challenges, and implications of the decision.
The case centered around the interpretation of Section 17(2)(viii) of the Income Tax Act and Rule 3(7)(i) of the Income Tax Rules. The petitioners, including staff unions and officers’ associations of various banks, challenged the vires of these provisions
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Author Bio
Petitioners challenged that setting the benchmark rate by CBDT violates Article 14, “everything must be equal in the eyes of the law”. I am still not getting as to how the bank employees were prejudiced against everyone who had to compare their concessional lending rates with PLR of SBI.