https://www.taxtmi.com/caselaws?id=69869 For a newly constructed flat outside rent-control restrictions, annual letting value under section 23(1)(a) had to be determined on the basis of the reasonable rent the property might fetch, and municipal rateable value was only a relevant circumstance, not a conclusive test. The estimate of monthly rent at Rs. 650 was upheld. Interest on compulsory deposit was not taxable in the current year because the assessee followed cash basis and the interest was actually received and offered in a later year, so the addition was deleted. The addition for low withdrawals towards personal expenses was sustained because no satisfactory evidence showed how those expenses were met. en-us Tue, 09 Apr 1991 00:00:00 +0530 Tue, 12 Apr 2011 15:03:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69869 For a newly constructed flat outside rent-control restrictions, annual letting value under section 23(1)(a) had to be determined on the basis of the reasonable rent the property might fetch, and municipal rateable value was only a relevant circumstance, not a conclusive test. The estimate of monthly rent at Rs. 650 was upheld. Interest on compulsory deposit was not taxable in the current year because the assessee followed cash basis and the interest was actually received and offered in a later year, so the addition was deleted. The addition for low withdrawals towards personal expenses was sustained because no satisfactory evidence showed how those expenses were met. Case-Laws Income Tax Tue, 09 Apr 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69869