Case Law Details
Case Name : Canara Bank Vs ITO (ITAT Nagpur)
Related Assessment Year :
Courts :
All ITAT ITAT Nagpur
RELEVANT PARAGRAPH
48. Section 17(2)(ii) as it stood prior to amendment in 2007 did not contain any ‘deeming clause’ to deem rent paid less than 10% or 7.5% as a concession or that the employees is deemed to have received that concession. An employer may provide residential accommodation to his employees for several reasons. It is also possible that for making available staff quarters/colonies/ accommodations, State Governments or Central Government may provide land to public sector undertakings/ companies/ corporations at a concessional rate imposing appropriate conditions includi...
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