https://www.taxtmi.com/caselaws?id=117559 Annual value of rent-controlled tenanted property is limited to the standard rent or legally recoverable contractual rent; a later higher rent from another floor cannot replace the earlier agreed rent, and notional interest on an interest-free deposit is not actual rent. The resulting addition was deleted. Bill-discounting charges recorded under the mercantile system are not taxable merely on book accrual where legal restraints and doubtful recovery prevent effective enforcement, because no real income has accrued. The related addition was also deleted, and the assessee succeeded on the substantial grounds. en-us Mon, 02 May 2005 00:00:00 +0530 Mon, 25 Jun 2012 10:10:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117559 Annual value of rent-controlled tenanted property is limited to the standard rent or legally recoverable contractual rent; a later higher rent from another floor cannot replace the earlier agreed rent, and notional interest on an interest-free deposit is not actual rent. The resulting addition was deleted. Bill-discounting charges recorded under the mercantile system are not taxable merely on book accrual where legal restraints and doubtful recovery prevent effective enforcement, because no real income has accrued. The related addition was also deleted, and the assessee succeeded on the substantial grounds. Case-Laws Income Tax Mon, 02 May 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117559