Gujarat HC reverses ITAT
order, holds that payment to education society for recouping deficit in payment
of tuition fees of employees' children does not amount to perquisite for AY
2000-01 and 2001-02; Notes that the children of the employees were studying in
that Education Society and were paying fees at a subsidized rate and burden
borne by assessee per child per month never exceeded Rs. 1000; Observes that
Rule 3 (e) prior to amendment in 2001 referred to 'free' educational facility
and the word 'concessional' was inserted by 2001 amendment only for subsequent
period; Thus, holds that payment to recoup such deficit does not amount to
perquisite in the hands of employees and "Assessee cannot be said to be a
defaulter ... and liable under Section 201 [1] of the I.T Act or
to make payment of interest leviable under Section 201 [1A] of the
Act":HC
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