2010 (4) TMI 55

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....TH MRIDUL, J 1. This appeal by the Revenue assails the order dated 29th June, 2007 rendered by the Income Tax Appellate Tribunal in ITA No.665/Del/2005 pertaining to the assessment year 2001-02. 2. The sole dispute raised by the Revenue in this appeal is the upholding of the order of the Commissioner of Income Tax (Appeals) by the Tribunal whereby the addition of Rs 27,28,000/- made by the A....

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....ent with the employer company for providing interest free security deposit in the amount of Rs 3.10 crore for lease of the said accommodation by the assessee to the employer company. In other words, out of the cost of the accommodation of Rs 3.12 crore, Rs 3.10 crore was the security deposit from the employer company to the assessee and all other terms and conditions of the lease of the accommodat....

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....see as per the terms of the lease deed with the employer and, therefore, the same could not be treated as an interest free loan. Further, subsequently when the assessee resigned from the job, he refunded the entire security deposit to the employer in terms of the lease agreement between them. 6. The Tribunal, after noticing the facts and circumstances of the case, came to a conclusion that it w....