https://www.taxtmi.com/caselaws?id=21309 Rent-free residential accommodation was to be valued for tax purposes by reference to the fair or standard rent fixed under the applicable rent control law, where that determination was accepted on the facts. The Tribunal had treated the local authority's fair rent for similar premises as the proper basis, and the HC held that this valuation was a finding of fact not open to challenge in the reference. The standard rent principle was consistent with computing the hypothetical rent of the perquisite. The value of the accommodation was therefore rightly restricted to the rent fixed under the rent control law, in favour of the assessee. en-us Thu, 29 Oct 1992 00:00:00 +0530 Sat, 21 Nov 2009 14:03:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21309 Rent-free residential accommodation was to be valued for tax purposes by reference to the fair or standard rent fixed under the applicable rent control law, where that determination was accepted on the facts. The Tribunal had treated the local authority's fair rent for similar premises as the proper basis, and the HC held that this valuation was a finding of fact not open to challenge in the reference. The standard rent principle was consistent with computing the hypothetical rent of the perquisite. The value of the accommodation was therefore rightly restricted to the rent fixed under the rent control law, in favour of the assessee. Case-Laws Income Tax Thu, 29 Oct 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21309