2003 (2) TMI 12

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he Income-tax Appellate Tribunal, New Delhi (lithe Tribunal" for short), has referred under section 256(1) of the Income-tax Act, 1961 (for short "the Act"), the following questions for our opinion: "1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in limiting the value of the perquisite in respect of the residential accommodation at Modinagar to the val....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... issue relates to the determination of the value of the perquisite in respect of the accommodation, provided by the employer company to the assessee. Relying on rule 3 of the Income-tax Rules, 1962, the Assessing Officer took the value of the said perquisite at 10 per cent. of the salary paid to the assessee by the company. However, in the assessee's appeal, the Appellate Assistant Commissioner, r....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....1993] 200 ITR 673, wherein it was held that for determination of the market value of the perquisite provided to the assessee by way of rent-free accommodation, the basis has to be the standard rent fixed by the Rent Controller in respect of similar accommodation by another person under section 9 of the U.P. Urban Buildings (Regulation of Letting, Rent and Eviction) Act, 1972. It is vehemently s....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e and against the Revenue. The second issue also pertains to the computation of the value of perquisite in respect of the free water and electricity provided by the employer to the assessee. The Appellate Assistant Commissioner as also the Tribunal fixed the value of the said perquisite at Rs. 1,000, by relying on its earlier order pertaining to the assessment year 1973-74 in the case of Sudhir....