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2013 (11) TMI 573 - AT - Income TaxAnnual letting value of the property by taking into consideration the notional interest on interest free deposit of Rs.75 lakhs Non-consideration of fair market value determined by Municipal Corporation of Delhi Held that:- Relying upon the decision of the Hon'ble Jurisdictional High Court in the case of CIT Vs. JK Investors (Bombay) Ltd. [2000 (6) TMI 9 - BOMBAY High Court], it was held that held that the notional rent on the amount of security deposit cannot be included in the annual letting value of the property. Further, income from house property should be computed on the basis of municipal ratable value and the Tribunal directed the Assessing Officer that the ratable value of the property be considered for determining the annual letting value of the property Also, contention of the assessee that deduction should be allowed towards municipal taxes is not acceptable in view of the reason that such taxes were paid by the tenant and not by the assessee Decided in favor of Assessee.
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