28-Aug-2012
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As per the verdict on 17th August, to Scott R Bayman (then CEO of GE India) who excluded the value of taxable perks in FY 1993-94, employees living in companies’ flats can exclude expenses on their flat’s maintenance and repairs from Income tax payments.
As per the verdict on 17th August, to Scott R Bayman (then CEO of GE India) who excluded the value of taxable perks in FY 1993-94, employees living in companies’ flats can exclude expenses on their flat’s maintenance and repairs from Income tax payments. This verdict if unchallenged by the Supreme Court can apply to annual expenses even though, in Bayman’s case it was a one-time expense in renovations of his residence.
Source: www.economictimes.indiatimes.com, August 28, 2012. “Expenses by employees on company-leased flats not taxable, says Delhi HC”