https://www.taxtmi.com/caselaws?id=205441 The Tribunal dismissed the revenue's appeals and allowed the Assessee's appeals, holding that the annual value should be determined based on the actual rent received if it is higher than the municipal valuation. Notional interest on advance rent and interest-free security deposits should not be included in the annual value. The actual rent received by the Assessee should not be substituted with rent received by an associate company. The judgment emphasizes that the actual rent received should be the determining factor for the annual value under Section 23(1)(b) of the Income Tax Act, without adding notional interest. en-us Fri, 26 Nov 2010 00:00:00 +0530 Thu, 24 Jul 2014 15:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205441 The Tribunal dismissed the revenue's appeals and allowed the Assessee's appeals, holding that the annual value should be determined based on the actual rent received if it is higher than the municipal valuation. Notional interest on advance rent and interest-free security deposits should not be included in the annual value. The actual rent received by the Assessee should not be substituted with rent received by an associate company. The judgment emphasizes that the actual rent received should be the determining factor for the annual value under Section 23(1)(b) of the Income Tax Act, without adding notional interest. Case-Laws Income Tax Fri, 26 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205441