Dismissing the appeal of the assessee the Tribunal held that Interest free loan is taxable as perquisites in the hands of employee as per Rule 3 (7)(i) of the IT Rues ITA No2172 / M /2016 dt. 16 -05 -2018 ( AY.2011-12 )
Neha Saraf v. ITO ( Mum) (Trib)
S. 17(2) : Perquisite -Interest free loan is taxable as perquisites in the hands of employee as per Rule 3 of the IT Rules [S.17(2) (viii) R.3(7)(i) ]