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2003 (2) TMI 12

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..... red by D.K. JAIN J.- At the instance of the Revenue, the Income-tax Appellate Tribunal, New Delhi (lithe Tribunal" for short), has referred under section 256(1) of the Income-tax Act, 1961 (for short "the Act"), the following questions for our opinion: "1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in limiting the value of the perquisite in respect of the residential accommodation at Modinagar to the value fixed by the prescribed authority under the U.P. Urban Buildings (Regulation of Letting, Rent and Eviction) Act, 1972? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in reducing the value of perquisites in respect of concessional electricit .....

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..... t the facts and the circumstances in the case of the assessee were in any way different from that of the aforenoted case. A similar issue came up for consideration of this court in CIT v. M.K. Modi [1993] 200 ITR 673, wherein it was held that for determination of the market value of the perquisite provided to the assessee by way of rent-free accommodation, the basis has to be the standard rent fixed by the Rent Controller in respect of similar accommodation by another person under section 9 of the U.P. Urban Buildings (Regulation of Letting, Rent and Eviction) Act, 1972. It is vehemently submitted by Mr. Pandey, learned senior standing counsel for the Revenue, that while deciding the issue in favour of the assessee, the Tribunal has fai .....

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..... by the Tribunal, the issue with regard to the computation of value of perquisite for free water and electricity, does not form part of the reference made to this court. Be that as it may, we find that the Tribunal's order in the case of Sudhir Kumar Modi, which forms part of the statement of the case, the Tribunal has simply affirmed the finding recorded by the Appellate Assistant Commissioner in this regard but somehow, the order of the Appellate Assistant Commissioner has not been made a part of the statement of the case, with the result, we are unable to appreciate the reasons which weighed with both the appellate authorities below to decide the issue in favour of the assessee. Under the circumstances, we return the second question una .....

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