https://www.taxtmi.com/caselaws?id=255905 The Tribunal dismissed the revenue's appeal, upholding the CIT(A)'s decision to delete the addition made by the Assessing Officer regarding the annual letting value of a property. The Tribunal emphasized the necessity for the A.O. to conduct a proper enquiry to determine fair market rent under Section 23(1)(a) of the Income Tax Act, highlighting that adding notional interest without concrete evidence is unjustified. The decision was based on the lack of investigation by the A.O. and the absence of material supporting the addition of notional interest to the annual letting value. en-us Fri, 16 Jan 2015 00:00:00 +0530 Fri, 30 Jan 2015 08:31:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255905 The Tribunal dismissed the revenue's appeal, upholding the CIT(A)'s decision to delete the addition made by the Assessing Officer regarding the annual letting value of a property. The Tribunal emphasized the necessity for the A.O. to conduct a proper enquiry to determine fair market rent under Section 23(1)(a) of the Income Tax Act, highlighting that adding notional interest without concrete evidence is unjustified. The decision was based on the lack of investigation by the A.O. and the absence of material supporting the addition of notional interest to the annual letting value. Case-Laws Income Tax Fri, 16 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255905