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2005 (8) TMI 97 - HC - Income TaxAssessee leased out the house property - "Whether, Tribunal erred in law in directing the Assessing Officer to adopt the gross rent received by the assessee being lessor from the let-out property for the purpose of computing income from house property in place of much higher rent fetched by the lessee by sub-letting the same property?" - The receipt of higher rent by the lessee would not be a factor for determining the annual value and thus the rent received by the lessee cannot be a factor for assessing the income from house property under section 23(1)(b) at the hands of the lessor-assessee. - The notional interest since waived on the interest-free loan not forming part or component of the rent and being irrecoverable from the lessee as rent in case of dispute, the same can never be a factor to be taken into consideration for determining the actual rent received for the purpose of section 23(1)(b) – Question is answered in negative
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