Law:

Section:

The word 'rent' used in section 17(2)(ii) of Income-tax Act would mean charges for using unfurnished accommodation provided by an employer to its employee; one should not read either fair rent or normal rent or standard rent in the expression 'rent' used in sub-clause (ii ) of clause (2) of section 17, for there is no just reasons, nor there is any such reason to do so Section 17(2) of the Income-tax Act, 1961, read with rule 3 of the Income-tax Rules, 1962 - Salaries - Perquisites - Whether under new rule 3 concept of fair rental value either on basis of normal rent or on basis of market rent available in locality or on basis of municipal valuation has been done away with - Held, yes - Whether word 'rent' as used in section 17(2)(ii) would mean charges for using unfurnished accommodation provided by an employer to its employee and that such charges should be normal or fair or standardised is not a sine qua non - Held, yes - Whether word 'rent' used in section 17(2)(ii) does not mean rent which is payable - Held, yes - Whether on reading sub-clauses (i) and (ii) of clause (2) of section 17 together, it is abundantly clear that Legislature intended to value rent-free accommodation for purpose of arriving at value of concession by making a simple calculation of difference between value of rent-free accommodation and rent actually paid - Held, yes - Whether one should not read either fair rent or normal rent or standard rent in expression 'rent' used in sub-clause (ii) of clause (2) of section 17, for there is no just reasons, nor there is any such reason to do so - Held, yes - Whether in view of provisions of present rule 3, in case of Government employees, who have been provided with Government accommodations, value of rent-free accommodation as perquisite would be licence fee determined by Government in accordance with rules and value of concession would be difference between such licence fee and amount of rent paid by employee - Held, yes - Whether in relation to other employees, value of concession would be difference between 10 per cent or 7.5 per cent of salary, as case may be, and amount of rent actually paid - Held, yes - Whether distinction made between…

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