Court Rules Rent-Free Housing for Part-Time Director Must Follow Municipal Guidelines, Not Past Rent Values, Under Sec 28(iv).

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....Addition on account of rent free accommodation provided to the assessee which was valued u/s. 28(iv) - part-time director in the company - the value of rent free accommodation determined by the AO on the rent fetched by the property in the earlier years cannot applied - to be determine as per the guidelines of Municipal Corporation - AT....