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Income Tax - Highlights / Catch Notes

Home Highlights January 2020 Year 2020 This

Addition on account of notional rent u/s. 23(1)(a) - no addition ...

Income Tax

January 8, 2020

Addition on account of notional rent u/s. 23(1)(a) - no addition on account of notional deemed rent u/s.23(1)(a) can be made, once the property itself was either in the stage of construction or was not ready for use.

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  1. Annual Letting Value (ALV) - rented property - no addition to the ALV can be made on account of notional interest on interest free deposit with the landlord u/s.23(1)(a) - AT

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  3. Addition on account of house rent - Income from house property - The AO failed to appreciate such estimation of annual letable value as per provision of Section 23(1...

  4. Addition on account of notional rent in respect of vacant property of the assessee - the property was available for rent but was lying vacant for the entire year - after...

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  6. The shed owned by the assessee was a business asset and in case of business asset, provisions of Section 23(1) are not applicable - No notional income (rent) can be computed - AT

  7. Addition made on account of deemed rent - unsold units (Flats) in the hands of builder at the year end - property is used as stock-in-trade - the deemed rent concept...

  8. Income from house property - notional rental income - no efforts were made by the Assessing Officer to determine the monthly rental/rate at which the Leased Property...

  9. Income from house property u/s 23 - deemed rental income - estimating the fair market rent - it is a settled proposition that , the places where Rent Control Act is not...

  10. Addition on account of annual letting value of the house property - the Rent Control Act is applicable in Mumbai thus the annual valuation u/s 23(1)(a) cannot exceed the...

  11. When actual rent received is more than the fair rent the actual rent would be the annual value and therefore the notional interest would not form part of actual rent...

  12. Income from house property - Deemed rental income - vacant property - The word receivable refers to the payment not being realised. The use of word “receivable” in...

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  14. Addition on account of notional rent u/s.23 - whether or not the ALV of the properties held by the assessee as stock-in-trade of its business as that a real estate...

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