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2011 (11) TMI 127 - HC - Wealth-taxComputation of fair market value of let out property- interest at 14% on security deposit added to annual rent to compute fair market value of property- Held that:- Schedule III, Rule 5 states that where an owner has accepted an amount or deposit, not being an advance payment towards rent for a period of 3 months or less, an amount calculated at the rate of 15% per annum on the amount of deposit outstanding from month to month shall be added to compute the annual rent. Decided in favor of Revenue.
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