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2013 (12) TMI 642 - AT - Income TaxWhether annual value can be determined u/s 23(1)(a) even when the actual rent received is higher – Held that:- The actual rent received by the assessee can be an indicator as to what the landlord might reasonably except from the hypothetical tenant and so long as the rent received by the assessee is more than the municipal rateable value it is not proper to estimate reasonable rent by taking into consideration the notional interest on the interest free deposit – Following assessee’s own case for the A.Y. 2004-05 to 2006-07 – The CIT(A) was right in deleting addition on the basis of notional interest – The annual value cannot be determined by invoking provisions of Section 23(1)(a) – Decided in favour of assessee.
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