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2007 (12) TMI 274 - HC - Income TaxBusiness Income or Income from House property- The assessee had received interest free deposit in respect of shops given on rent. For the assessment year 1995-96, the Assessing officer added notional interest on the interest free deposit at the rate of 18% per annum under section 28(iv) of the Act. The addition was deleted by the Commissioner and Tribunal. Held that- dismissing the appeal, as a plain reading of section 28(iv) indicates that the question of any notional interest on an interest free deposit being added to the income of an assessee on the basis that it may have been earned by the assessee if placed as a fixed deposit does not arise.
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