IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX REFERENCE NO. 408 OF 1988 INCOME TAX REFERENCE NO. 408 OF 1988 INCOME TAX REFERENCE NO. 408 OF 1988 The Commissioner of Income-tax, Bombay City-II, Bombay. ...Applicant V/s. M/s.Teksons Ltd. ...Respondent Dr.P. Deniel for Applicant. Mrs.S.N. Inamdar for Respondent. CORAM : CORAM : CORAM : V.C. DAGA AND V.C. DAGA AND V.C. DAGA AND A.S. AGUIAR, JJ. A.S. AGUIAR, JJ. A.S. AGUIAR, JJ. DATED : JULY 1, 2005. DATED : JULY 1, 2005. DATED : JULY 1, 2005. P.C. :- P.C. :- P.C. :- . By this reference under Section 256(1) of the Income-tax Act, 1961, the Income Tax Appellate Tribunal has referred the following question of law for the opinion of this Court :- "Whether, on the facts and in the circumstances of the case, The Tribunal was right in directing the Inspecting Assistant Commissioner to exclude the value of rent free accommodation from the computation of disallowance out of the salary and perquisites to the Directors where as rent free accommodation is an item to be considered - 2 - as a perquisite for the purpose of Section 40A(5) of the Income-tax Act, 1961 ?" . Learned Counsel for the Revenue fairly states that the above question has already been answered by the Division Bench of this Court in the case of Commissioner Commissioner Commissioner of Income-Tax V/s. Hico Products Pvt.Ltd. (No.1), of Income-Tax V/s. Hico Products Pvt.Ltd. (No.1), of Income-Tax V/s. Hico Products Pvt.Ltd. (No.1), (1993) 201 ITR Reports 567 (1993) 201 ITR Reports 567 (1993) 201 ITR Reports 567 against the Revenue. In this view of the matter, the reference stands answered in terms of the Judgment referred to hereinabove in favour of the assessee and against the revenue. (A.S. AGUIAR, J.) (V.C. DAGA, J.) (A.S. AGUIAR, J.) (V.C. DAGA, J.) (A.S. AGUIAR, J.) (V.C. DAGA, J.)