1984 (3) TMI 115 - AT - Income Tax

Summary

The ITAT BOMBAY-D held that a house building loan given by an employer at a concessional rate of interest to an employee does not constitute a perquisite under section 17(2)(iii)(c) of the Income-tax Act, 1961. The decision was based on a letter from the Board dated 8-8-1977, which was in force during the assessment period. The subsequent letter dated 7-12-1983 withdrawing the earlier letter did not apply retroactively. The appeal filed by the revenue was dismissed.