Home Highlights July 2014 Year 2014 This

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1. Income from house property - it is quite clear that the Municipal Ratable Value of the property is lower than the actual rent received by the assessee and in fact the...

2. Income from house property - notional interest on interest free deposits and advance rent - if the rent received or receivable is more than the municipal value then the...

3. Determination of annual value where premises are not regulated by Delhi Rent Control A/C - income from house property - Standard Rent Cannot be adopted" - the rateable...

4. Income from house property - Levy of deemed rent on the unsold real estate property of the assessee who is a real estate developer - nothing stops the assessing officer...

5. Income from house property - Estimation of notional rent - We fail to understand as to why the CIT(A) has chosen again to exhibit his scant regard to the judicial...

6. Estimation of notional rent - assessee had unsold closing stock which was kept vacant during the current Assessment Year - AO directed to estimate the rent on the basis...

7. Income from house property u/s 23 - deemed rental income - estimating the fair market rent - it is a settled proposition that , the places where Rent Control Act is not...

8. 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...

9. Rental income - Municipal rateable value shall be taken into consideration for determining the ALV comparing it with the actual rent whichever is higher shall be taken...

10. Income from house property - ALV u/s 23(1)(a) - In determining the reasonable rent, several factors have to be taken into consideration, such as, location of the...

11. Addition on account of rent free accommodation provided to the assessee which was valued u/s. 28(iv) - part-time director in the company - the value of rent free...

12. Addition towards the ‘Annual Lettable Value‘(“ALV”) of a property owned - property jointly owned by the assessee - as the rent of ₹ 60,000/- ( ½ share) received by...

13. Income From House Property - enhancement of annual let out value - notional interest on deposits - municipal valuation is less than the actual rent received - No addition - AT

14. Fair rental value u/s 23(1)(a) - Municipal value or actual rent received – Merely because the rent has not been fixed under that Act does not mean that any other...

15. Computation of income - Income from house property - notional interest not to be included in the municipal ratable value - AT