https://www.taxtmi.com/caselaws?id=168250 The ITAT upheld the revenue authorities' determination of the ALV for the assessment years 1990-91 and 1991-92, rejecting the assessee's claim to classify the income as business income. The Tribunal ruled that notional interest on interest-free deposits cannot be added as rent. The ALV was determined under section 23(1)(a) of the Income-tax Act, 1961, based on fair rent. Consequently, the AO was directed to compute the house property income per legal standards, granting all permissible deductions. The assessee's appeals were partly allowed, affirming the ALV assessment while ensuring compliance with statutory provisions. en-us Mon, 30 Jun 2003 00:00:00 +0530 Tue, 16 Jul 2024 18:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168250 The ITAT upheld the revenue authorities' determination of the ALV for the assessment years 1990-91 and 1991-92, rejecting the assessee's claim to classify the income as business income. The Tribunal ruled that notional interest on interest-free deposits cannot be added as rent. The ALV was determined under section 23(1)(a) of the Income-tax Act, 1961, based on fair rent. Consequently, the AO was directed to compute the house property income per legal standards, granting all permissible deductions. The assessee's appeals were partly allowed, affirming the ALV assessment while ensuring compliance with statutory provisions. Case-Laws Income Tax Mon, 30 Jun 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168250