Case Law Details
Case Name : Commissioner of Income Tax-26 Vs Shankae Krish Nan (Bombay High Court)
Related Assessment Year :
Courts :
All High Courts Bombay High Court
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On a plain reading of Rule 3, it is seen that the perquisite value of the residential accommodation provided by the employer is to be computed on actual amount of lease rental paid or payable by the employer and not on notional basis. Therefore, in our opinion, the contention of the revenue that the notional interest on the deposits paid by the employer to the landlord has to be taken into consideration while computing the perquisite value of the residential accommodation cannot be accepted in view of the express words used in Rule 3 of the Income Tax Rules, 1
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