https://www.taxtmi.com/caselaws?id=410211 The court held that Sl.No.1 of Table-1 of Rule 3 of the IT Rules, 1962 does not apply to the appellant, a constituent unit of CSIR, and valuation should be done as per Sl.No.2 of Table-1. The appellant was deemed a defaulter under Sections 201(1) and 201(1A) for underestimating perquisite value, with the court affirming this status. However, the court ruled in favor of the appellant regarding the bonafide belief in interpreting the rules, quashing proceedings under Sections 201 and 201(1A). The order of the Income Tax Appellate Tribunal initiating proceedings was quashed, and the appeal was disposed of accordingly. en-us Wed, 14 Jul 2021 00:00:00 +0530 Fri, 24 Dec 2021 10:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410211 The court held that Sl.No.1 of Table-1 of Rule 3 of the IT Rules, 1962 does not apply to the appellant, a constituent unit of CSIR, and valuation should be done as per Sl.No.2 of Table-1. The appellant was deemed a defaulter under Sections 201(1) and 201(1A) for underestimating perquisite value, with the court affirming this status. However, the court ruled in favor of the appellant regarding the bonafide belief in interpreting the rules, quashing proceedings under Sections 201 and 201(1A). The order of the Income Tax Appellate Tribunal initiating proceedings was quashed, and the appeal was disposed of accordingly. Case-Laws Income Tax Wed, 14 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410211