1986 (7) TMI 147 - AT - Income Tax

Summary

The Revenue appealed against the AAC's order for asst. yr. 1980-81 regarding a housing loan granted at a concessional rate of interest. The ITO added Rs. 3608 as perquisite, but the AAC deleted it based on previous tribunal decisions. The ITAT upheld the AAC's decision, stating that the legislature's actions indicated that the difference in interest rates was not to be considered a perquisite under s. 17(2) of the IT Act. The appeal was dismissed. (Case: Appellate Tribunal ITAT BOMBAY-C, Citation: 1986 (7) TMI 147 - ITAT BOMBAY-C)