Content Provider | Supreme Court of India |
---|---|
e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | Income Tax Act 1961 S. 17(2)(iii a) as inserted .by amendment Ss.20 & 192 |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Act(s) Referred | Income Tax Act, 1961 (43 of 1961) |
Case Type | Appeal |
Court | Supreme Court of India |
Disposal Nature | Appeal Dismissed |
Headnote | Income Tax Act, 1961; S. 17(2)(iii a) as inserted .byamendment; Ss.20 & 192:Perquisite value - Employees Stock Option Scheme - Issuance of warrant convertible into equity by Employees Welfare Trust of a company - Non-transferable for five years - Liability of assessee to deduct tax on perquisite value/ difference between market value of share and price paid by the employees - Held: Not liable - Income earned from shares allotted under the Scheme not taxable in terms of extant provisions under the Act - Since shares allotted not transferable for five years, they have no realizable value - Thus, there was no cash in flow to employees on account of mere exercise of option for allotment of shares in lieu of warrant - Under the circumstances, Revenue erred in treating the difference between market value of share and consideration price of share paid by employees as perquisite value for the purpose of levy of tax - Since Clause (iii a) of S. 17 defining cost introduced in the Act only on 1.4.2000, it is not applicable to assessment years 1997-98; 1998-99 and 1999-2000, the assessment years in question - Moreover, the cost/specified securities as defined under Clause (iii a) of S. 17 means the amount actually paid for acquiring securities - Shares in the instant case could not be obtained by employees till lock-in- period was over - Moreover, in the absence of legislative mandate, a potential benefit could not be considered as income chargeable to tax - Hence, assessee in question cannot be treated as defaulter for not deducting tax at source in the absence of clear provisions on valuation of perquisites- Interpretation of Statutes - Legislative intendment.Words and Phrases: 'Perquisite value', 'specified securities', 'salary' and 'profits' - Meaning of in the context of S.17(1), (2) and Clause (iii a) of S.17 of the Income Tax Act, 1961. |
Judge | Honble Mr. Justice S.H. Kapadia |
Neutral Citation | 2008 INSC 6 |
Petitioner | Commissioner Of Income Tax, Bangalore |
Respondent | Infosys Technologies Ltd. |
SCR | [2008] 1 S.C.R. 136 |
Judgement Date | 2008-01-04 |
Case Number | 3725 |
National Digital Library of India (NDLI) is a virtual repository of learning resources which is not just a repository with search/browse facilities but provides a host of services for the learner community. It is sponsored and mentored by Ministry of Education, Government of India, through its National Mission on Education through Information and Communication Technology (NMEICT). Filtered and federated searching is employed to facilitate focused searching so that learners can find the right resource with least effort and in minimum time. NDLI provides user group-specific services such as Examination Preparatory for School and College students and job aspirants. Services for Researchers and general learners are also provided. NDLI is designed to hold content of any language and provides interface support for 10 most widely used Indian languages. It is built to provide support for all academic levels including researchers and life-long learners, all disciplines, all popular forms of access devices and differently-abled learners. It is designed to enable people to learn and prepare from best practices from all over the world and to facilitate researchers to perform inter-linked exploration from multiple sources. It is developed, operated and maintained from Indian Institute of Technology Kharagpur.
Learn more about this project from here.
NDLI is a conglomeration of freely available or institutionally contributed or donated or publisher managed contents. Almost all these contents are hosted and accessed from respective sources. The responsibility for authenticity, relevance, completeness, accuracy, reliability and suitability of these contents rests with the respective organization and NDLI has no responsibility or liability for these. Every effort is made to keep the NDLI portal up and running smoothly unless there are some unavoidable technical issues.
Ministry of Education, through its National Mission on Education through Information and Communication Technology (NMEICT), has sponsored and funded the National Digital Library of India (NDLI) project.
Sl. | Authority | Responsibilities | Communication Details |
---|---|---|---|
1 | Ministry of Education (GoI), Department of Higher Education |
Sanctioning Authority | https://www.education.gov.in/ict-initiatives |
2 | Indian Institute of Technology Kharagpur | Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project | https://www.iitkgp.ac.in |
3 | National Digital Library of India Office, Indian Institute of Technology Kharagpur | The administrative and infrastructural headquarters of the project | Dr. B. Sutradhar bsutra@ndl.gov.in |
4 | Project PI / Joint PI | Principal Investigator and Joint Principal Investigators of the project |
Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon |
5 | Website/Portal (Helpdesk) | Queries regarding NDLI and its services | support@ndl.gov.in |
6 | Contents and Copyright Issues | Queries related to content curation and copyright issues | content@ndl.gov.in |
7 | National Digital Library of India Club (NDLI Club) | Queries related to NDLI Club formation, support, user awareness program, seminar/symposium, collaboration, social media, promotion, and outreach | clubsupport@ndl.gov.in |
8 | Digital Preservation Centre (DPC) | Assistance with digitizing and archiving copyright-free printed books | dpc@ndl.gov.in |
9 | IDR Setup or Support | Queries related to establishment and support of Institutional Digital Repository (IDR) and IDR workshops | idr@ndl.gov.in |