The guidance rule was held as satisfied. 31. We are of the opinion that the enactment of subordinate legislation for levying tax on interest free/concessional loans as a fringe benefit is within the rule- making power under Section 17(2)(viii) of the Act. Section 17(2)(viii) itself, and the enactment of Rule 3(7)(i) is not a case of excessive delegation and falls within the parameters of permissible delegation. Section 17(2) clearly delineates the legislative policy and lays down standards for the rule-making authority. Accordingly, Rule 3(7)(i) is intra vires Section 17(2)(viii) of the Act. 26 AIR (1967) SC 1895. 27 (1965) 2 SCR 477. Civil Appeal No. 7708 of 2014 & Ors. Page 15 of 17Section 17(2)(viii) does not lead to an excessive delegation of the ‘essential legislative function’. II. Is Rule 3(7)(i) arbitrary and violative of Article 14 of the Constitution insofar as it treats the PLR of SBI as the benchmark? 32. Rule 3(7)(i) posits SBI’s rate of interest, that is the PLR, as the