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2012 (5) TMI 159 - AT - Income TaxIncome from house property - addition of ₹ 24,30,000/- on account of notional interest on interest free deposits and advance rent - Circular No. 204 dated 24.07.1976 - Held that: it is clear that if the Municipal valuation of the property is more than the rent received or receivable then the same should be taken for the purpose of valuation. However, if the rent received or receivable is more than the municipal value then the actual rent received or receivable will be taken as annual letting value of the property within the meaning of section 23(1) - ITAT Mumbai Bench in the case of Reclamation Realty India (P.) Ltd. (2010 (11) TMI 477 - ITAT, MUMBAI) - Decided in favor of the assessee
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