https://www.taxtmi.com/caselaws?id=207458 The court found that the interest-free security deposit was a sham device to avoid tax liability and had no genuine connection to the actual rent received. Notional interest on the security deposit was deemed taxable income under Section 23 of the Income-tax Act, with the court holding that the security deposit was used to circumvent the true rental income. The Commissioner of Income-tax (Appeals) and the Tribunal were found to have erred in their decisions against the Revenue, and the court ruled in favor of including the notional interest as taxable income. en-us Wed, 27 Oct 2010 00:00:00 +0530 Tue, 18 Dec 2012 10:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207458 The court found that the interest-free security deposit was a sham device to avoid tax liability and had no genuine connection to the actual rent received. Notional interest on the security deposit was deemed taxable income under Section 23 of the Income-tax Act, with the court holding that the security deposit was used to circumvent the true rental income. The Commissioner of Income-tax (Appeals) and the Tribunal were found to have erred in their decisions against the Revenue, and the court ruled in favor of including the notional interest as taxable income. Case-Laws Income Tax Wed, 27 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207458