2004 (12) TMI 56

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.... learned counsel for the respective parties. The instant reference is at the instance of the assessee. For the assessment year 1985-86, the Income-tax Appellate Tribunal (the ITAT) disposed of the appeal in I.T.A. No. 1238/Hyd of 1998 and referred the following question said to be arising out of its order for the opinion of this court. "Whether, on the facts and in the circumstances of the c....

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....of 40 per cent, under the provisions of section 32(1)(iv) of the Income-tax Act (for short "the Act"). The Income-tax Officer disallowed the claim of Rs. 13,20,840 after having found that the employees who were allotted quarters were drawing a salary of more than Rs. 1,000 per month. The learned Commissioner of Income-tax (Appeals), concurred with the view of the Income-tax Officer. The Income-tax....

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....ed by the Taxation Laws (Amendment and Miscellaneous Provisions) Act, 1986, with effect from April 1, 1988. The said provision, to the extent relevant, for the sake of convenience is extracted hereunder. "in the case of any building which has been newly erected after the 31st day of March, 1961, where the building is used solely for the purpose of residence of persons employed in the business a....