1993 (9) TMI 40

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....is reference under section 256(1) of the Income-tax Act, 1961, the Income-tax Appellate Tribunal has referred the following two questions of law to this court for opinion: "1. Whether, on the facts and in the circumstances of the case and in law, the Tribunal was justified in its conclusion that the assessee had become the owner of the flat and had occupied it for the purpose of his residence t....

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....s as to the perquisite value of the flat occupied by the assessee belonging to the company. The assessee used to pay a rent of Rs. 650 per month to the abovereferred company for user of the said flat. In the opinion of the Income-tax Officer, the fair rent payable by the assessee in respect of the said flat would work out to Rs. 3,000 per month. In this view of the matter, the Income-tax Officer h....

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....so far as the perquisite value in respect of the said flat was concerned. Learned counsel for the Revenue has fairly stated before us that the Tribunal does not appear to be in error in taking the abovereferred factor into consideration while fixing the perquisite value in regard to the said flat. We have also gone through the record carefully and reached the same conclusion. In this view of th....