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2009 (12) TMI 581 - AT - Income TaxDeduction of tax at source - Perquisite u/s 17(2)(ii) - rental perquisite u/s 17(2)(ii) - accommodation provided by bank - Explanation 1 to S.17(2)(ii) was inserted by the Finance Act, 2007 with retrospective effect whereby the value of the residential accommodation provided by the assessee-bank to its employees by recovering lesser amount of rent than the lease rent paid to the lessor of the premises, amounts to perquisite and the employer is made liable to deduct tax on the perquisite value thereof – Held that : assessee could not be held to be in default for non-deduction of tax at source on the perquisite value of the residential accommodation provided at a lesser figure of rent than actually paid by the assessee to the lessor of the premises due to retrospective amendment - assessee employer is not hit by the retrospective insertion of Explanation (I) to S.17(2) thereof in the absence of any such extension of retrospective effect either in S.192 or S.201 of the Act as per the decision of the Hon'ble Privy Counsel in the case of Delhi Cloth & General Mills Co. Ltd. - The issue in favour of the assessee .
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