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2016 (1) TMI 1360 - ITAT MUMBAIIncome from house property Estimation of annual value by adding notional interest on interest free security security deposit - Held that:- As decided in assessee's own case for the assessment year 2007-08 we find the identical issue on the basis of which the FAA upheld the order of AO was decided in favour of the assessee wherein held that the determination of the ALV by the Revenue authorities is erroneous as the Municipal rateable value exhibited is much less than the annual let out value disclosed by the assessee. We, therefore, do not find any reason for making the impugned addition. - Decided in favour of assessee. Disallowance of interest expenses - assessee advanced interest free loans out of interest bearing funds - Held that:- As decided in assessee's own case for the assessment year 2007-08 we find that the loan was given on the grounds of commercial expediency and therefore the proportionate disallowance of interest is uncalled for and deserves to be deleted. In so far as the proportionate disallowance of interest on the debit balance of the partners is concerned, the same has to be considered in the light of the partnership deed and as the partnership deed is silent on charging of such interest, we do not find any reason for such disallowances - Decided in favour of assessee.
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