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TMI Blog2014 (1) TMI 134X X X X Extracts X X X X X X X X Extracts X X X X ..... han what has had been fixed for the house provided by the Company to the assessee - Only house tax payable for the rent free accommodation has been mentioned at Rs. 540/- per annum - The value of the rent free accommodation cannot be fixed without considering the materials on record and the circumstances of the case - Decided against Revenue. - Income Tax Appeal No. - 4 of 2003 - - - Dated:- 30 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see is a Director in M/s Dewan Rubber Industries Ltd., Meerut (hereinafter referred to as the Company). The Company had provided rent free accommodation to the respondent assessee in order to enable him to manage the affairs of the Company even in holidays and beyond the normal working hours. The respondent assessee in his return had not included the perquisite value of the rent free accommodation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arly attracted and hence the perquisite value of the rent free accommodated was to be added in the hands of the assessee. The matter was restored back to file of the Commissioner of Income Tax (Appeals). The Commissioner of Income tax (Appeals) held that the municipal tax of the house being low could not be made the basis of annual letting value, whose WDV as on 30th June, 1987 was Rs. 10,22,295/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onth, the notional salary payable to the assessee was taken at Rs. 15,000/- per month and as per Rule 3 of the Income tax Rules, 1962 perquisites was determined at Rs. 18,000/- per year. We have heard Sri R.K.Upadhyaya, learned senior standing counsel for the Revenue. Sri Upadhyaya submitted that the perquisite value of rent free accommodation was fixed on the lower side as the statutory provi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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