Assessee purchased the property from the Company . The value paid was less than the fair value of property as per the stamp valuation . AO treated the difference as perquisite in the hands of the assessee. On appeal allowing the appeal of the assessee ,the Tribunal held that ; to treat any sum as a perquisite in lieu of salary as per S. 17(2)(iii) it is incumbent on part of Assessing Officer to establish on record that a benefit in nature of salary is given by an employer to an employee; establishment of employer-employee relationship between assessee and company is essential. Tribunal also held that, the legal fiction created under S. 50C in so far as it enables the Assessing Officer to adopt the value for stamp duty purpose as the deemed sale consideration cannot be extended to assess the buyer of the immovable properties to tax on the differential amount. Though, the Assessing Officer has consciously not referred to the provisions of S. 50C, however, there is no room for doubt that applying the deeming fiction of S 50C, the Assessing Officer has adopted the stamp duty value as the deemed sale consideration while making the addition. Therefore the addition made of Rs. 1.95 crores is unsustainable in law. (AY. 2010-11,2012-13)