Rule 3 applies only when a concession in rent is provided by employer to employee

ACIT Vs Indian Institute of Technology (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT) Delhi delivered a significant ruling in the appeal filed by the Revenue against the order of the Commissioner of Income Tax (Appeals) concerning the valuation of perquisites and tax deduction on rent-free accommodation provided to employees by the Indian Institute of Technology (IIT). This article provides a comprehensive overview of the case and the tribunal’s ruling. Case Overview Background: The appeal by the Revenue pertained to the assessment year 2012-13, where the Indian Institute of Tech...