NDLI: Addl. Commissioner of Income Tax Vs. Bharat V. Patel

Content Provider	Supreme Court of India
e-ISSN	30484839
Language	English
Access Restriction	NDLI
Subject Keyword	Income Tax Act 1961 – s.17(2)
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) – ‘Perquisite’ – Amendmentthereto, if retrospective – Respondent, Chairman and MD of Procterand Gamble (P&G), India (subsidiary of (P&G) USA) was issuedStock Appreciation Rights (SARs) by (P&G) USA and received anamount of Rs.6,80,40,724/- on its redemption – Issue as to thetaxability of the amount so received by the Respondent on redemptionof SARs – Held: “Perquisite” is usually a non-cash benefit given byan employer to an employee in addition to entitled salary orremuneration – In order to bring the perquisite transferred by theemployer to the employees within the ambit of tax, legislature broughtan amendment u/s.17 by inserting Clause (iiia) in s.17(2) of the ITAct through the Finance Act, 1999 with effect from 01.04.2000 whichwas later omitted by the Finance Act, 2000 – Since, the transactionin the instant case pertains prior to 01.04.2000, hence, it cannot becovered under the said clause in the absence of an express provisionof retrospective effect – Finance Act, 1999 – Finance Act, 2000 –Interpretation of Statutes.Interpretation of Statutes – Taxing Statutes – Held: Taxingprovisions to be construed strictly so that no person who is otherwisenot liable to pay tax, be made liable to pay tax.Income Tax Act, 1961– s.28(iv) – When not applicable –Respondent, employee of (P&G), India, (subsidiary of (P&G) USA)was issued Stock Appreciation Rights (SARs.) and received anamount of Rs.6,80,40,724/- from (P&G),USA on its redemption –Alternate plea of Revenue that the case of the respondent camewithin the ambit of s.28(iv) – Held: Applicability of s.28(iv) isconfined only to the case where there is any business or professionrelated transaction involved – However, in the instant case there isnothing as such and thus cannot be covered u/s.28(iv) for thepurpose of tax liability..
Judge	Hon'ble Mr. Justice R.K. Agrawal
Neutral Citation	2018 INSC 406
Petitioner	Addl. Commissioner Of Income Tax
Respondent	Bharat V. Patel
SCR	[2018] 7 S.C.R. 1067
Judgement Date	2018-04-24
Case Number	4380

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