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2012 (8) TMI 179 - AT - Income TaxAddition on the Annual Letting Value on account of notional interest on interest free security received by the assessee – Held that:- There was no rent paid and in lieu of that rent excessive deposit was made, the usufruct of that deposit could be considered as rent for determining the annual letting value - AO had not carried out any exercise for determination of the fair market value of the property but had added the notional rent @ 12% per annum on interest free security deposit - it cannot be treated as part of annual letting value – in favor of assessee
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