2007 (11) TMI 302

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....NT   The Revenue is aggrieved by an order dated March 23, 2007, passed by the Income-tax Appellate Tribunal ("the Tribunal"), Delhi Bench "H" in I. T. A. No. 483/Del/2006 relevant to the assessment year 2003-04. 2. The only issue that arises for consideration is with regard to the interpretation of rule 3(5) of the Income-tax Rules, 1962 ("the Rules"). The assessee's school gives fre....

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....similar institution in or near the locality. Where any amount is paid or recovered from the employee on that account, the value of benefit shall be reduced by the amount so paid or recovered Provided that where the educational institution itself or maintained and owned by the employer and free educational facilities are pro vided to the children of the employee or where such free educational facil....

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....h requires the Assessing Officer to determine the cost of education in a similar institution in or near the locality was completely overlooked by the Assessing officer and, therefore, he proceeded on an entirely incorrect proposition. 5. Factually, the Commissioner of Income-tax (Appeals) held that on the basis of the accounts maintained by the assessee, the cost of education was Rs.902.27 per ....