However, the appraisal of the taxable account or perquisite, which forms allotment of the bacon assets of the employee, cannot be done in an ad-hoc address and has to be computed as per the assigned blueprint beneath the Assets Tax Act, the attorneys said. In this case, Neha Saraf had acquired an interest-free accommodation from her employer, Teej Impex, a clandestine company.
During the appraisal for the banking year 2010-11, her altercation that no employer-employee accord existed fell through because the aggregation had deducted tax at source, or TDS, on the bacon of Rs 24 lakh paid to her.
Thus, the I-T administrator assessing her case estimated 15% absorption on the accommodation and added Rs 43.8 lakh to her assets as a allurement bulk of the interest-free loan.
In the aing date of appeal, the abettor of I-T (appeals) captivated that the I-T administrator had accurately advised the bulk of interest-free accommodation as a taxable allurement in the easily of the employee. However, he acclaimed that the appraisal cannot be done in an ad-hoc manner.
According to I-T Act rules, a allurement bulk is based on the bulk answerable by SBI on April 1 of the banking year in which the agent accustomed the loan.
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