1986 (7) TMI 148 - AT - Income Tax

Summary

The appeal was made by the Revenue against the AAC's order for asst. yr. 1980-81 regarding a loan at concessional rate of interest to the assessee. The ITO added Rs. 3608 as perquisite, but the AAC deleted it based on previous tribunal decisions. The ITAT Bombay-C upheld the AAC's decision, stating that legislative changes indicated the intention not to treat the interest rate difference as a perquisite. The appeal was dismissed.