https://www.taxtmi.com/caselaws?id=64678 The Tribunal directed the Income Tax Officer (ITO) to determine if the loan provided to the assessee was at a concessional rate by comparing the interest rate with what normal customers were charged. The Tribunal emphasized that the concessional rate should be based on market rates, not the bank's cost. Legal precedents supported the inclusion of loans at concessional rates as perquisites under Section 17(2)(iii) of the IT Act, 1961. The matter was remanded to the ITO for further assessment based on the comparison of interest rates. Departmental appeals were considered allowed for statistical purposes. en-us Mon, 06 Jan 1986 00:00:00 +0530 Wed, 09 Feb 2011 12:34:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64678 The Tribunal directed the Income Tax Officer (ITO) to determine if the loan provided to the assessee was at a concessional rate by comparing the interest rate with what normal customers were charged. The Tribunal emphasized that the concessional rate should be based on market rates, not the bank's cost. Legal precedents supported the inclusion of loans at concessional rates as perquisites under Section 17(2)(iii) of the IT Act, 1961. The matter was remanded to the ITO for further assessment based on the comparison of interest rates. Departmental appeals were considered allowed for statistical purposes. Case-Laws Income Tax Mon, 06 Jan 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64678