https://www.taxtmi.com/caselaws?id=246112 The Tribunal upheld the CIT(A)'s direction to assess the fair rent of a property without including notional interest on interest-free deposits. It confirmed the allowance of proportionate relief for vacancy and directed the A.O. to consider all relevant factors in determining fair rent. Regarding the deduction for municipal taxes, the Tribunal directed the A.O. to verify tax payments and property use for business purposes in earlier periods. The Tribunal confirmed the CIT(A)'s order on both issues, subject to verifications, and considerations discussed, disposing of the Revenue's appeal. en-us Wed, 09 Apr 2014 00:00:00 +0530 Thu, 17 Apr 2014 17:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=246112 The Tribunal upheld the CIT(A)'s direction to assess the fair rent of a property without including notional interest on interest-free deposits. It confirmed the allowance of proportionate relief for vacancy and directed the A.O. to consider all relevant factors in determining fair rent. Regarding the deduction for municipal taxes, the Tribunal directed the A.O. to verify tax payments and property use for business purposes in earlier periods. The Tribunal confirmed the CIT(A)'s order on both issues, subject to verifications, and considerations discussed, disposing of the Revenue's appeal. Case-Laws Income Tax Wed, 09 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=246112