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2022 (11) TMI 77 - AT - Income TaxChargeability of notional interest on deposits under Income from House Property - ALV determination - assessee as owner is given a substantial amount as deposit and Rent received by assessee is meagre - HELD THAT:- We have also carefully perused the order of the co-ordinate Bench in assessee’s own case [2020 (12) TMI 869 - ITAT MUMBAI] as held CIT(A) has rightly concluded that estimation of ALV on the basis of notional interest could not be upheld in the eyes of law. However, the same time, the findings that the property would not be subjected to Rent Control Legislation is bereft of any evidence on record. The income so earned notwithstanding the nomenclature of rental / lease rental or license fees, all are assessable under the head Income from House Property and subjected to similar computations. No difference has been carved out in law in all these different streams of income. The assessee nowhere denied the applicability of Rent Control Act to the stated stream of income. Therefore, the facts of the case are squarely covered by the earlier decision of the Tribunal in assessee’s own case for AYs 1996-97 & 1997-98. There is no change in material facts. No contrary decision is on record. Nothing has been shown that the aforesaid decision of the Tribunal has ever been reversed or not applicable, in any manner. Therefore, respectfully following the consistent stand of the Tribunal, we are inclined to quash the directions given by Ld. CIT (A). The additions, thus made by Ld.AO, stand deleted. Thus we allow ground no.1 to 6 of the appeal in this case and direct the learned Assessing Officer to delete the addition made under income from house property.
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