of provisions contained in Sub-Clause (vi) of Sub-Section (2) of Section 17,10 the following other fringe benefits or amenities are hereby prescribed and the value thereof shall be determined in the manner provided hereunder: (i) the value of the benefit to the assessee resulting from the provision of interest-free or concessional loan for any purpose made available to the employee or any member of 9 As it stands after amendment vide Income Tax (First Amendment) Rules, 2004, with effect from 01.04.2004. 10 See supra note 4. Civil Appeal No. 7708 of 2014 & Ors. Page 5 of 17his household during the relevant previous year by the employer or any person on his behalf shall be determined as the sum equal to the simple interest computed at the rate charged per annum by the State Bank of India Act, 1955 (23 of 1955), as on the 1st day of the relevant previous year in respect of loans for the same purpose advanced by it on the maximum outstanding monthly balance as reduced by the interest, if