https://www.taxtmi.com/caselaws?id=210094 Annual letting value of let-out property must be computed by first determining fair rent under section 23(1)(a) on relevant evidence and then comparing it with actual rent under section 23(1)(b); notional interest on an interest-free security deposit cannot itself be treated as rent. The Assessing Officer had not independently carried out the fair-rent exercise, so the matter was remitted for fresh computation. On the licensing receipts, the assessee was treated as the owner for house-property purposes because ownership extends to a person entitled to receive the income in its own right, and the income could not be assessed as business income merely because formal title was disputed. en-us Wed, 13 Apr 2011 00:00:00 +0530 Wed, 02 May 2012 12:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210094 Annual letting value of let-out property must be computed by first determining fair rent under section 23(1)(a) on relevant evidence and then comparing it with actual rent under section 23(1)(b); notional interest on an interest-free security deposit cannot itself be treated as rent. The Assessing Officer had not independently carried out the fair-rent exercise, so the matter was remitted for fresh computation. On the licensing receipts, the assessee was treated as the owner for house-property purposes because ownership extends to a person entitled to receive the income in its own right, and the income could not be assessed as business income merely because formal title was disputed. Case-Laws Income Tax Wed, 13 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210094