2003 (2) TMI 13 - HC - Income Tax

Determination of the market value of the perquisite provided to the assessee by way of rent-free accommodation- computation of the value of perquisite Held that for determination of the market value of the perquisite provided to the assessee by way of rent-free accommodation the basis should 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

Summary

The High Court of Delhi upheld the determination of the perquisite value of accommodation, furniture, electricity, and water at Rs. 5,784 for the assessment year 1981-82. The court relied on previous decisions regarding market value of perquisites provided to employees. The question was answered in favor of the assessee and against the Revenue. The reference was disposed of with no order as to costs.