Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2011 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (2) TMI 1299 - ITAT MUMBAIDeletion on account of interest on security deposit made on notional basis - Actual rent received more than the rateable value determined – Held that:- Following Dy. CIT Versus Reclamation Realty India Pvt. Ltd. [2010 (11) TMI 477 - ITAT, MUMBAI] - the rent received by the Assessee was more than the sum for which the property might reasonably be expected to let from year to year, the actual rent received should be the annual value of the property u/s 23(1)(b) of the Act - Notional interest on interest free security deposit/rent received in advance should not be added to the same - The order of the CIT(A) upheld deleting the additions made by the Assessing Officer on account of notional interest on security deposit for computing the annual value of the property – Decided against Revenue.
|