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of <h1>Appeal Dismissed: Loan Interest Rate</h1> <h3>FIFTH INCOME TAX OFFICER. Versus NARAYANAN RAO.</h3> FIFTH INCOME TAX OFFICER. Versus NARAYANAN RAO. - TTJ 027, 525, The appeal was made by the Revenue against the AAC's order for asst. yr. 1980-81 regarding a loan at concessional rate of interest to the assessee. The ITO added Rs. 3608 as perquisite, but the AAC deleted it based on previous tribunal decisions. The ITAT Bombay-C upheld the AAC's decision, stating that legislative changes indicated the intention not to treat the interest rate difference as a perquisite. The appeal was dismissed.
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