ACIT v Makote Hoshizaki The perquisite value of rent free accommodation as per Rule 3 of Income-tax Rules, 1962 will be 20 per cent and not 10 per cent of the salary as reduced by the rent, if any, actually paid by the employer or the actual rent paid by the employer in case the premises are not owned by the employer whichever is lower.
BLK Securities Pvt. Ltd. v. ITO The assessee company shall, for the purpose of section 73 of the IT Act, be deemed to be carrying on a speculation business to the extent to which its business consists of the purchase and sale of shares of other companies; thus, the loss incurred in purchase and sale of shares of other companies shall be deemed to be a speculation loss.
Thermal Systems (Hyd.) Pvt. Ltd. v. ACIT The failure of the Assessing Officer to record the reasons and to make enquiry with regard to the claim of the assessee makes the assessment order erroneous and prejudicial to the interests of the Revenue.
