1992 (11) TMI 59 - HC - Income Tax

Summary

The High Court of Bombay ruled in favor of the assessee company regarding the deduction of rent free accommodation and cash house rent allowance provided to employees. The Income-tax Appellate Tribunal's decision was upheld based on a circular from the Central Board of Direct Taxes. The court found that the departmental authorities were bound by the circular and allowed relief to the assessee. The question was answered in the affirmative in favor of the assessee, with no order as to costs.