Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (12) TMI 1365 - AT - Income TaxValidity of determining the ALV by adding notional interest on the interest free deposit - Held that:- When the actual rent declared by the assessee is more than the ratable value fixed by the municipal authorities, there is no reason to disbelieve the actual rent declared by the assessee - It is not warranted on the part of the AO to determine the income by taking the fair market rent of comparable properties let out in the localities by ignoring the ratable value fixed by the municipal authorities for arriving at the annual letting value - Decided in favour of assessee.
|