COMMISSIONER OF INCOME TAX Vs. MAHESH KUMAR MODI

JUDGEMENT

(1.) AT the instance of the Revenue, the Income -tax Appellate Tribunal, New Delhi ('the Tribunal' for short), has referred under Section 256(1) of the Income -tax Act, 1961 (for short 'the Act'), the following questions for our opinion :

(2.) WE have heard Mr. R. C. Pandey, learned senior standing counsel for the Revenue, and Mr. S. K. Aggarwal, learned counsel for the assessed.

(3.) A similar issue came up for consideration of this court in CIT v. M. K. Modi : [1993]200ITR673(Delhi) , wherein it was held that for determination of the market value of the perquisite provided to the assessed by way of rent -free accommodation, the basis has to be the standard rent fixed by the Rent Controller in respect of similar accommodation by another person under Section 9 of the U. P. Urban Buildings (Regulation of Letting, Rent and Eviction) Act, 1972.