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2001 (12) TMI 16 - DELHI HIGH COURTSalary, Perquisites, Rent-free Accommodation - "1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the value of perquisite on account of residential house known as 'Modi Bhawan' was not assessable under section 28 read with section 2(24)(iv) of the Income-tax Act, 1961, but under section 17(2) of the Income-tax Act, 1961? - 2. Whether, on the facts and in the circumstances of the case, the method of assessing its value was correct in law and whether the Tribunal was justified in reducing it from the value assessed by the Appellate Commissioner?" These references are accordingly answered in favour of the assessee holding that the value of perquisite on account of residential house was not asses sable under section 28 read with section 2(24)(iv) of the Income-tax Act but under section 17(2) of the said Act and the Tribunal adopted the correct method of assessing its value.
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