2001 (12) TMI 9 - HC - Income Tax

1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in directing that the value of perquisite for residential accommodation be limited to Rs. 12,691? - 2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in directing that the value of the perquisite in the shape of rent-free accommodation be limited to the value fixed by the prescribed authority under section 9 of the U.P. Urban Buildings (Regulation of Letting, Rent and Eviction) Act, 1972, for the assessment year 1971-72? - held that when the property belonging to the company is allowed to be used by a director, then even though it may not be a case of letting out, the value of the rent-free accommodation has to be determined

Summary

The High Court of Delhi ruled in favor of the assessee regarding the valuation of perquisites for residential accommodation and rent-free accommodation for the assessment year 1971-72. The Tribunal's decision limiting the value of the perquisites was upheld based on previous court decisions.