1999 (2) TMI 18

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..... following questions of law for the opinion of this court at the instance of the Department. Department's questions: "1. Whether, on the facts and in the circumstances of the case, the expenditure incurred on the repairs and maintenance of the premises given rent-free to the employee cannot be considered as perquisite for the purpose of section 40A(5)? 2. Whether, on the facts and in the circum .....

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..... and not as 'interest on securities'?" At the outset, it may be mentioned that learned counsel for the parties stated that all the above questions stand covered by the various judgments of this court and the Supreme Court. Question No. 1 stands covered by the judgment of the Bombay High Court in Lubrizol India Ltd. v. CIT [1991] 187 ITR 25. Accordingly, question No. 1 is answered in the negat .....

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..... t the Revenue. As regards question No. 4 is concerned, the issue is squarely covered by the judgment of the Bombay High Court in British Bank of the Middle East v. CIT [19981 233 ITR 251. Hence, question No. 4 is answered in the negative, i.e., against the Revenue and in favour of the assessee. Reference stands disposed of accordingly with no order as to costs. - - TaxTMI - TMITax .....

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