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TMI Blog2010 (4) TMI 55X X X X Extracts X X X X X X X X Extracts X X X X ..... had been taken by the company on lease for the purpose of residence of the assessee. - In terms of the lease, the rent of Rs 50,000/- per month along with interest free security deposit of Rs 3.10 crore and additional guarantee of Rs 5.50 crore was provided by the company on behalf of the employee. – held that - it was not a case that money had been given by the employer interest free before the f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax (Appeals) by the Tribunal whereby the addition of Rs 27,28,000/- made by the Assessing Officer as perquisite in the hands of the assessee on account of interest free security deposit provided by the employer was deleted. 3. The assessee was the Managing Director of M/s Sony Music Entertainment (India) Ltd and had been provided with accommodation at Rockdale, Napeansea Road, Mumbai. The sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny to the assessee and all other terms and conditions of the lease of the accommodation between the employer company and the assessee remained the same. However, it is noteworthy that there was no provision for additional guarantee of Rs 5.50 crore as in the case of the lease agreement by the employer company with the erstwhile owner. 4. The Assessing Officer was of the opinion that the sum of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... after noticing the facts and circumstances of the case, came to a conclusion that it was not a case that money had been given by the employer interest free before the flat had been taken on lease and that the interest free security deposit had been given by the employer company for taking the flat belonging to the assessee on lease and, therefore, it could not be treated as interest free loan. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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