1994 (4) TMI 14

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..... r dated July 6, 1982, in respect of the assessment year 1978-79 under section 256(1) of the Income-tax Act, 1961 : "Whether on the interpretation of section 28(iv) of the Income-tax Act, 1961, the learned Tribunal was right in law in holding that the assessee who is looking after the business of the partnership firm Anand Gum Industries at Bombay, occupies portion of the business premises for hi .....

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..... , section 28(iv) of the Income-tax Act was attracted. The value of such benefit was estimated by the Income-tax Officer at Rs. 8,000 on the basis of the decision of the Commissioner of Income-tax (Appeals) in respect of the assessment year 1977-78 where a similar addition was upheld by the Commissioner of Income-tax (Appeals). The decision in the case of M. Ct. Muthiah v. CIT [1974] 97 ITR 516 (Ma .....

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..... ered in favour of the Revenue and against the assessee and it is held that on a proper interpretation of section 28(iv) of the Income-tax Act, the Tribunal was right in holding that the assessee who is looking after the business of the partnership firm, Anand Gum Industries at Bombay, and occupies a portion of the business premises for his personal residence has been rightly assessed for the benef .....

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