https://www.taxtmi.com/caselaws?id=58548 The case addressed the determination of fair rental value for rent-free accommodation provided to the assessee. The Appellate Assistant Commissioner upheld the assessee's valuation based on a Supreme Court decision, leading to the deletion of the Income Tax Officer's addition. The revenue challenged this decision, arguing for the application of Explanation 2 to rule 3(a)(iii) of the Income-tax Rules, 1962. The Tribunal ruled in favor of the revenue, emphasizing the need to consider both municipal valuation and actual rent realization for similar properties in the locality when determining fair rental value. The ITO's assessment was upheld, highlighting the importance of statutory provisions and judicial interpretations in such cases. en-us Tue, 30 Aug 1983 00:00:00 +0530 Mon, 20 Dec 2010 15:34:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58548 The case addressed the determination of fair rental value for rent-free accommodation provided to the assessee. The Appellate Assistant Commissioner upheld the assessee's valuation based on a Supreme Court decision, leading to the deletion of the Income Tax Officer's addition. The revenue challenged this decision, arguing for the application of Explanation 2 to rule 3(a)(iii) of the Income-tax Rules, 1962. The Tribunal ruled in favor of the revenue, emphasizing the need to consider both municipal valuation and actual rent realization for similar properties in the locality when determining fair rental value. The ITO's assessment was upheld, highlighting the importance of statutory provisions and judicial interpretations in such cases. Case-Laws Income Tax Tue, 30 Aug 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58548