4. In view of the decision of the Special Bench in the above referred case, we hold that the tax borne by the employer on perquisites of the employees would constitute non-monetary benefit and as such the same is exempted u/s 10(10CC) of the Act. We, therefore, reverse the order of the authorities below on this point and allow the assessee’s claim that the tax paid by the employer in respect of salary paid to the aforesaid assessees would constitute non-monetary perquisite eligible for exemption u/s 10(10CC) of the Act. In other words, the assessee’s claim of exemption u/s 10(10CC) of the Act in respect of tax paid by the employer in respect of salary paid to its employees, of the Act is directed to be allowed. The AO shall modify the assessment orders of all these assessees accordingly.
5. It is pertinent to mention that the Tribunal vide order dated 13.08.2009, in the case of this assessee itself decided the issue in favour of the assessee by following the decision of the Special Bench referred to above. The AO is directed to allow assessee’s claim of exemption u/s 10(10CC) in terms indicated herein above.