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2017 (9) TMI 427 - ITAT KOLKATAIncome from House Property - fixation-of annual rent - inclusion of notional interest - tenant of the property is Principal Shareholder of Holding Company of Assessee Company - Holding Company has taken Foreign Currency Loan of 90.28 Crores & invested in 0% Optionally convertible debenture in assessee Company - Conservative estimate of interest @10% on interest free loan given by holding to assessee company treating as rent to tenant - Held That:- In the light of the judgments of the Calcutta, Bombay & Delhi High Court, in arriving at the annual value of a house property for the purposes of Section 23 of the Income-tax Act, 1961, notional interest on the interest free loan or deposit cannot be considered to be a relevant factor. Such notional interest cannot be included in the fair rent of the property. - Decided against revenue
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