https://www.taxtmi.com/caselaws?id=120603 The Tribunal upheld the assessee's claim for deduction of interest paid on borrowed funds under section 36(1)(iii), confirming that the income was taxable under section 28(v) and not exempt under section 10(2A). The Tribunal also determined the annual letting value of the property based on the actual rent received, rejecting the inclusion of notional interest on security deposits. The Tribunal dismissed the Revenue's appeals, siding with the assessee's arguments and emphasizing adherence to principles of natural justice in the determination of the annual letting value. en-us Tue, 26 Feb 2008 00:00:00 +0530 Wed, 27 Dec 2023 10:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120603 The Tribunal upheld the assessee's claim for deduction of interest paid on borrowed funds under section 36(1)(iii), confirming that the income was taxable under section 28(v) and not exempt under section 10(2A). The Tribunal also determined the annual letting value of the property based on the actual rent received, rejecting the inclusion of notional interest on security deposits. The Tribunal dismissed the Revenue's appeals, siding with the assessee's arguments and emphasizing adherence to principles of natural justice in the determination of the annual letting value. Case-Laws Income Tax Tue, 26 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120603