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TMI Blog2012 (11) TMI 343X X X X Extracts X X X X X X X X Extracts X X X X ..... had to be enhanced by Rs. 35.00 lakhs only and not the balance Rs. 15.00 lakhs which is paid by the assesses from the salary income. In these circumstances, the Tribunal was justified in holding that the tax amounting to Rs. 15.00 lakhs paid by the assessee from the salary income (not reimbursed by the company) could not be added to that income of the assessee - in favor of assessee. Notional ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otional interest on interest free deposit made for accommodation is not part of perquisite of the assessee? 2. The assessment year involved herein is AY 1994-1995. 3. The respondent-assessee a resident but not ordinarily resident individual was an employee of Coca-Cola Inc. USA and had income under the head "Salaries". Under the Tax Equalization Policy framed by the said company, the assessee' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... offered Rs. 113.00 lakhs (round figure) to tax. Though tax on Rs. 113.00 lakhs at Rs. 50.00 lakhs was paid, the assessee claimed that out of Rs. 50.00 lakhs only Rs. 35.00 lakhs was includible in the total income and not the balance amount of Rs. 15.00 lakhs. The Assessing officer rejected the contention of the assessee, CIT(A) upheld the decision of the Assessing Officer. 5. On further appeal, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee in India. The Tribunal has recorded a finding that the confusion has arisen, because, the assessee in his computation had added Rs. 50.00 lakhs as income and deducted Rs. 15.00 lakhs from the income, when in fact the said amount of Rs. 15.00 lakhs was not received from the company but paid out of the salary amount received in India. In other words, though the assessee had paid tax of Rs. 50. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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