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2010 (1) TMI 886 - AT - Income TaxValue of benefit on purchase of flat - assessee has obtained the property less than the books value, this amount can safely be considered as a benefit obtained by the assessee – Held that:- Assessing Officer is directed to adopt the difference between the book value as per the books of SEPL and the amount paid by the assessee as a benefit obtained by the assessee. As the valuation fixed by the CIT(A) on the market value as in 1994 has no basis for consideration at the time of sale, the same cannot be considered as a correct valuation. The order of the CIT(A) is, therefore, modified and the benefit is restricted to the amount of net book value at the beginning of the year less the amount of consideration paid by the assessee. To that extent, the assessee's grounds are partly allowed. Perquisite for the rent chargeable under section 2(24)(iv) of the Act - valuation of perquisites under section 2(24)(iv) of the Act belonging to the company and used by a Director can only be made on the basis of standard rent on the basis of the High Court decision in the case of J. Dalmia (1981 - TMI - 29356 - DELHI High Court) – Held that:- rent paid being in excess of standard rent fixed, no further amount can be considered as the market rent to determine the value of benefit under section 2(24)(iv), order of the CIT(A) is upheld and revenue's grounds are rejected.
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