https://www.taxtmi.com/caselaws?id=27753 The High Court held that the rent-free accommodation provided by the employer to the individual assessee constituted a taxable perquisite under the Income Tax Act. The Court emphasized that unless the assessee forgoes the right to the accommodation before income accrues, the notional income must be taxed. The decision underscored the principle that income tax is levied on actual income, aligning with the benefit received by the employee. The judgment clarified the importance of timing in waiving rights to perquisites to determine tax liability, ruling in favor of the Revenue and against the assessee. en-us Wed, 14 Sep 1983 00:00:00 +0530 Mon, 15 Feb 2010 18:09:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27753 The High Court held that the rent-free accommodation provided by the employer to the individual assessee constituted a taxable perquisite under the Income Tax Act. The Court emphasized that unless the assessee forgoes the right to the accommodation before income accrues, the notional income must be taxed. The decision underscored the principle that income tax is levied on actual income, aligning with the benefit received by the employee. The judgment clarified the importance of timing in waiving rights to perquisites to determine tax liability, ruling in favor of the Revenue and against the assessee. Case-Laws Income Tax Wed, 14 Sep 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27753