All India Bank Officers Confederation vs The Regional Manager Central Bank Of ...

The Supreme Court upheld the constitutionality of Section 17(2)(viii) of the Income Tax Act and Rule 3(7)(i) of the Income Tax Rules, rejecting challenges based on excessive delegation and violation of Article 14. The Court clarified that the definition of 'perquisites' under Section 17(2) includes fringe benefits prescribed by subordinate legislation, and the method of valuation for tax purposes is valid. The judgment affirmed the legality of taxing interest-free loans as fringe benefits when below the Prime Lending Rate of SBI.