https://www.taxtmi.com/caselaws?id=12468 The High Court upheld the Income-tax Appellate Tribunal's decision regarding the assessment of the value of a residential house as a perquisite under the Income-tax Act. The value of the perquisite was determined not assessable under section 28 read with section 2(24)(iv) but under section 17(2) of the Act. The court affirmed that the method of assessing the value based on the standard rent fixed for such housing accommodation was correct, in line with established case law. Consequently, the judgment favored the assessee in clarifying the correct assessment method for the perquisite on a residential house. en-us Fri, 14 Dec 2001 00:00:00 +0530 Sun, 02 May 2010 23:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12468 The High Court upheld the Income-tax Appellate Tribunal's decision regarding the assessment of the value of a residential house as a perquisite under the Income-tax Act. The value of the perquisite was determined not assessable under section 28 read with section 2(24)(iv) but under section 17(2) of the Act. The court affirmed that the method of assessing the value based on the standard rent fixed for such housing accommodation was correct, in line with established case law. Consequently, the judgment favored the assessee in clarifying the correct assessment method for the perquisite on a residential house. Case-Laws Income Tax Fri, 14 Dec 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12468