Income tax – Sections 17(2)(iiia), 143(1) & (3), 192, 208, 209, 234B – Whether perquisite is taxable in the year in which the specified securities are allotted to the assessee, and not in the year in which the option is exercised

2011-TIOL-229-ITAT-DEL

Mr Vijay Gopal Jindal Vs ACIT, New Delhi (Dated: March 18, 2011)

Income tax – Sections 17(2)(iiia), 143(1) & (3), 192, 208, 209, 234B – Whether perquisite is taxable in the year in which the specified securities are allotted to the assessee, and not in the year in which the option is exercised – Whether AO is liable to give credit of the taxes paid on the income offered in the preceding year wrongly but later on taxed in the correct assessment year – Whether interest u/s 234B is not leviable to the assessee as in case of perquisites, it is the liability of the employer to deduct TDS and the provisions of advance tax u/s 208 are not applicable to the employee. - Assessee's appeal partly allowed: MUMBAI ITAT;