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2016 (4) TMI 310 - HC - Income TaxAddition on rental income of Kormangala Property - annual rateable value - Held that:- Tribunal has followed the decision of the High Court of Gujarat in case of Bipinbhai Vadilal Family Trust Vs. Commissoner of Income-Tax reported at (1994 (1) TMI 71 - GUJARAT High Court ) whereby it was held that the reasonable return at the rate of 8.5% on the investment can be considered as the annual rateable value. Interest on the loan borrowed - Held that:- Tribunal was justified in allowing interest on the loan borrowed. It is hardly required t o be stated that the Tribunal is the ultimate Court for the finding of fact and when once such finding is confirmed by the Tribunal, we do not find that any question of law would arise for consideration as sought to be canvassed Deemed dividend addition u/s 2(22) - Held that:- Tribunal after having considered the legal provisions of law of Section 2(22)(e) of the Income Tax Act, has negatived the contention of the Revenue on the factual premise the at the assessee in the present case was not a shareholder in the lender Company. Further, the Tribunal has al so relied upon the decision of Rajasthan High Court in case of Commissioner of Income Tax Vs. Hotel Hilltop reported at (2008 (3) TMI 310 - RAJASTHAN HIGH COURT ).
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