Notional Interest on Security Deposit paid by employer for accommodation of its employee – perquisites?

CIT Vs Shankar Krishnan (Bombay High Court) Whether Notional Interest on Security Deposit paid by employer for accommodation of its employee will also be included while calculating perquisites. BRIEF FACTS: 1. The Assessee is a salaried employee with McKinley & Company Inc., India. The Assessee was provided with rent free accommodation in Cuffe Parade, Mumbai by his employer company. The monthly rent paid by the employer in respect of the said flat was Rs.10,000/- p.m. The employer had given an interest free refundable security deposit of Rs.30 lacs to the landlord for renting out the said...