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TMI Blog2001 (12) TMI 16X X X X Extracts X X X X X X X X Extracts X X X X ..... nces of the case, the method of assessing its value was correct in law and whether the Tribunal was justified in reducing it from the value assessed by the Appellate Commissioner?" These references are accordingly answered in favour of the assessee holding that the value of perquisite on account of residential house was not asses sable under section 28 read with section 2(24)(iv) of the Income-tax Act but under section 17(2) of the said Act and the Tribunal adopted the correct method of assessing its value. X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Income-tax Appellate Tribunal, which was in respect of the assessment years 1965-66, 1966-67 and 1967-68, which has been followed in the case of Shri G.M. Modi for the subsequent years as well as of the other assessees in respect of various assessment years. The Income-tax Department, that is, the Commissioner of Income-tax sought reference under section 256(2) of the Income-tax Act against these orders of the decision of the Income-tax Appellate Tribunal and the orders were passed by this court directing the Appellate Tribunal to refer the aforesaid questions for its opinion. Since some of the assessees were subject to the jurisdiction of the Income-tax Department in U.P., the High Court of Judicature at Allahabad also directed the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from time to time and the Department was directed to file the paper books. In spite of scores of opportunities having been given to the Revenue for this purpose, no paper books have been filed although in the process more than seven years have expired. When the matter came up for final hearing on December 6, 2001, Mr. R.C. Pandey, learned counsel for the Revenue was candid in accepting the position that even if further time is allowed for this purpose, the Department shall not be in a position to file the paper books as the relevant papers are not traceable with the Department. In the absence of paper books in these cases, it is not possible to determine the question. Therefore, there is no option but to reject these references for non-pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ltd. which were the managing agents of Modi Industries Ltd. On the basis of such a finding of fact, one had to examine as to whether section 2(24) of the Act or section 17 of the Act is applicable. It is clause (iv) of section 2(24) which is relevant and reads as under: (iv) the value of any benefit or perquisite, whether convertible into money or not, obtained from a company either by a director or by a person who has a substantial interest in the company, or by a relative of the director or such person, and any sum paid by any such company in respect of any obligation which, but for such payment, would have been payable by the director or other person aforesaid." On the other hand section 17 deals with salary, perquisite and profits in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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