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2010 (4) TMI 55 - HC - Income TaxPerquisites – Interest free securities o behalf of employee - The assessee was the Managing Director of M/s Sony Music Entertainment (India) Ltd and had been provided with accommodation at Rockdale, Napeansea Road, Mumbai. The said accommodation was owned by B.P. (India) Ltd and had been taken by the company on lease for the purpose of residence of the assessee. - In terms of the lease, the rent of Rs 50,000/- per month along with interest free security deposit of Rs 3.10 crore and additional guarantee of Rs 5.50 crore was provided by the company on behalf of the employee. – held that - it was not a case that money had been given by the employer interest free before the flat had been taken on lease and that the interest free security deposit had been given by the employer company for taking the flat belonging to the assessee on lease and, therefore, it could not be treated as interest free loan. – ITAT is correct in upholding in favor of assessee
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