In further appeal the Income Tax Appellate Tribunal upheld the order of Commissioner of Income tax Appeals , in view of the decision of Calcutta High Court in the case of Commissioner of Income tax, West Bengal v. Britannia Industries Co. Limited 135 ITR 35 .
K. SABHARWAL, J. The assessee is a number resident banking companypany.
In respect of assessment years 1975 76 and 1976 77 the assessing officer, for the purpose of working of the disallowance under Section 40A 5 of the Income Tax Act, 1961, estimated the value of the perquisite of free cars provided to the employees at 50 of the expenses of running and maintenance of the cars.
