Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1984)7ITD761(Delhi)
1. The main contention raised by the assessee in this appeal is that the 'fair rental value' of the rent-free accommodation at 1-Tis January Marg, New Delhi, provided to him by his employer cannot exceed its standard rent as fixed by the Additional Rent Controller at Rs. 27,500 per annum and, consequently, its value determined by the authorities below at Rs. 1,10,000 is not sustainable.2. The assessee, Shri Mridu Hari Dalmia, is the executive director of Orissa Cement Ltd., Rajgangpur. Orissa Cement Ltd. had taken on lease one of the three flats at 1-Tis January Marg, New Delhi, from its owner Hari Bros. (P.) Ltd. at a rent of Rs. 2,250 per month. When the assessee came on transfer from Orissa to Delhi on 1-5-1973, he was provided by his employer the said flat free of rent. The assessee was, thus, in occupation of the flat for 11 months in the relevant accounting year ended on 31-3-1974. The assessee, however, declared its perquisite value at Rs. 9,375 only, at the rate of 12 per cent...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT
Reported in : (1982)1ITD574(Bang.)
1. These two appeals are by the assessee and the following common grounds have been taken : 1. The order of the learned Commissioner of Income-tax insofar as it is against the appellant is opposed to law, equity, facts and circumstances of the case. 2. The order of the Hon'ble Commissioner of Income-tax under Section 263 is illegal and it is not in accordance with the law, in that the order of Income-tax Officer dated 2-11-1976 which is sought to be revised does not suffer from any error insofar as it is prejudicial to the interests of revenue, in that no income which should have been assessed as the income of the appellant has escaped the assessment for the relevant assessment years. 3. The Hon'ble Commissioner of Income-tax is not justified in arriving at the conclusion that there is diversion of income from the appellant in favour of Shrinivas Pictures of which Sri K.V. Raja Family Trust is the owner. The Commissioner ought to have appreciated that the transactions entered into by ...
Tag this Judgment!